Bid decision model for construction projects – A review

Abstract

Abstract Competitive bidding serves as a platform for public/private contractors to execute the works specified by the client. Deciding to bid or not to bid for that job proves to be a major hindrance between the bidder and the work. Smart contractors tend to bid for a work, based on facts studied through a pre-bid survey rather being heuristic in taking their decisions. This paper identifies the different decision models and data collection techniques used for constructing an optimum bid framework. In order to do so, the factors influencing the decision of the contractors at the time of bidding were identified from previous studies, which form the base for developing a decision model. This paper identifies and evaluates different research methodologies adopted for developing a bid decision model. Further study in this area will include a development of decision model for contractors among the Indian subcontinent region differentiated from a global scenario.