A Novel Approach for Reducing Risk in Project Bidding Management

Abstract

Project bidding management is an important part of the engineering and building industries because it ensures that resources are used well, costs are kept low, and projects are finished on time. This process involves the solicitation of biddings from various contractors and vendors for a specific project and the subsequent evaluation and selection of the most suitable bidding. This article provides a comprehensive overview of project bidding management, encompassing key principles, methodologies, and best practices. It also highlights the significance of the integration of modern technologies and innovative approaches to enhance the efficiency and transparency of bidding processes. The paper also discusses challenges associated with project bidding and suggests potential solutions to mitigate risks and improve overall project outcomes. By delving into the intricacies of project bidding management, this research contributes valuable insights to practitioners, researchers, and stakeholders in the construction industry, fostering a deeper understanding of the critical factors that influence successful project bidding.