OPBID: Competitive Bidding Strategy Model
- 1 July 1969
- journal article
- Published by American Society of Civil Engineers (ASCE) in Journal of the Construction Division
- Vol. 95 (1) , 85-106
- https://doi.org/10.1061/jcceaz.0000262
Abstract
A discrete probabilistic model of strategy for competitive bidding in the construction industry is formulated and tested. The model is applied to actual past bidding data obtained from a construction contractor. This real-world application of the model verified the thesis that such a bidding strategy can assist contractors in increasing their profit from lump-sum contracts obtained by competitive bidding. A general computer program, OPBID (OPtimum BID), is developed that will enable the contractor to utilize this model.Keywords
This publication has 0 references indexed in Scilit: