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Incorporating uncertainty in competitive bidding

Incorporating uncertainty in competitive bidding
Incorporating uncertainty in competitive bidding
This paper describes a simple, transparent approach for developing competitive bids, based on an appreciation of cost uncertainty and estimates of the probability of winning with different levels of bid. The process offers an ‘applied’ approach which facilitates an iterative approach to bid development and appropriate consideration of important qualitative factors which are difficult to model. The process is illustrated with a case example which has been well received by practitioners as a teaching case. The focus of the paper is on the careful structuring of issues which lend themselves to quantification, and the facilitation of systematic consideration of issues which do not.
competitive bidding, modelling, methodology, risk
0263-7863
337-347
Chapman, C.B.
a4f4805b-b67d-4c4c-856b-78e01a2c89a0
Ward, S.C.
ac1bf683-4186-44e7-9f5e-4193ee4d03cd
Bennell, J.B.
38d924bc-c870-4641-9448-1ac8dd663a30
Chapman, C.B.
a4f4805b-b67d-4c4c-856b-78e01a2c89a0
Ward, S.C.
ac1bf683-4186-44e7-9f5e-4193ee4d03cd
Bennell, J.B.
38d924bc-c870-4641-9448-1ac8dd663a30

Chapman, C.B., Ward, S.C. and Bennell, J.B. (2000) Incorporating uncertainty in competitive bidding. International Journal of Project Management, 18 (5), 337-347. (doi:10.1016/S0263-7863(00)00013-2).

Record type: Article

Abstract

This paper describes a simple, transparent approach for developing competitive bids, based on an appreciation of cost uncertainty and estimates of the probability of winning with different levels of bid. The process offers an ‘applied’ approach which facilitates an iterative approach to bid development and appropriate consideration of important qualitative factors which are difficult to model. The process is illustrated with a case example which has been well received by practitioners as a teaching case. The focus of the paper is on the careful structuring of issues which lend themselves to quantification, and the facilitation of systematic consideration of issues which do not.

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More information

Published date: 2000
Keywords: competitive bidding, modelling, methodology, risk

Identifiers

Local EPrints ID: 35790
URI: https://eprints.soton.ac.uk/id/eprint/35790
ISSN: 0263-7863
PURE UUID: 033281aa-2ca0-4701-8410-283e53b16b1c

Catalogue record

Date deposited: 26 Jul 2006
Last modified: 17 Jul 2017 15:46

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Contributors

Author: C.B. Chapman
Author: S.C. Ward
Author: J.B. Bennell

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