Bid-price determination considering cash-flow effects

Wei-Chih Wang*, C. L. Lin, Y. H. Lu

*Corresponding author for this work

Research output: Chapter in Book/Report/Conference proceedingConference contribution

1 Scopus citations

Abstract

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.

Original languageEnglish
Title of host publicationProceedings of the 10th International Conference on Civil, Structural and Environmental Engineering Computing, Civil-Comp 2005
StatePublished - 1 Dec 2005
Event10th International Conference on Civil, Structural and Environmental Engineering Computing, Civil-Comp 2005 - Rome, Italy
Duration: 30 Aug 20052 Sep 2005

Publication series

NameProceedings of the 10th International Conference on Civil, Structural and Environmental Engineering Computing, Civil-Comp 2005

Conference

Conference10th International Conference on Civil, Structural and Environmental Engineering Computing, Civil-Comp 2005
CountryItaly
CityRome
Period30/08/052/09/05

Keywords

  • Bidding
  • Cash flow
  • Fuzzy integral
  • Project cost
  • Simulation

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    Wang, W-C., Lin, C. L., & Lu, Y. H. (2005). Bid-price determination considering cash-flow effects. In Proceedings of the 10th International Conference on Civil, Structural and Environmental Engineering Computing, Civil-Comp 2005 (Proceedings of the 10th International Conference on Civil, Structural and Environmental Engineering Computing, Civil-Comp 2005).