Pratt improving cost system after DOD withholds some billings

10/9/2013 | Reuters

After the Pentagon said it would withhold 5% of F-35 engine contract billings after finding problems with cost and schedule data provided by supplier Pratt & Whitney, the company said it was working to "to correct any deficiencies" in its cost and schedule system. "We are committed to having the best earned value management system possible, and to consistently and accurately track performance and execution to our contracts," said Pratt spokesman Matthew Bates. The Pentagon billing withholding comes during a time when it has increased scrutiny on the costly F-35 joint strike fighter jet program.

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