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We analyze these three factors (education, experience, and training) in an effort to identify the knowledge and skills necessary for cost analysts to possess to be effective members of cost panel evaluation teams during source selections. This research effort assesses whether the cost panel members and senior Air Force acquisition military and civilian personnel associate the levels of education, experience, and training as being key factors in fulfilling cost analysts duties while supporting the selection of a source in the government procurement process. To accomplish this objective, a literature review, personal interviews, and questionnaires were utilized. Descriptive statistics and hypothesis testing were conducted to evaluate the responses. The recommendations of this study are intended to assist cost analysts in attaining the knowledge and skills necessary in contributing and supporting a cost panel a during source selection.