Appropriate decision of bid price of a construction project is crucial for a bidder in winning the contract of the project with a reasonable profit. This work proposes a new procedure for determining a reasonable bid price. The proposed procedure is developed based on a cost model and a multi-criteria evaluation model. The cost model (considering the effect of cash flows on project costs) is used to generate a cumulative distribution of bid price of the project, while the multi-criteria evaluation model is applied to reflect the bidder's preferences regarding the determination criteria. The details of the procedure are demonstrated by applying the procedure to a construction project in Taiwan. The application results display that the proposed procedure can support bidders in bid-price assessment.