Abstract
Multiple criteria decision modeling is proposed for determining the most preferred bidding markup in a competitive bidding situation. This paper presents a new evaluation approach - VIKOR method - to solve the MCDM (multiple criteria decision making) problems with conflicting criteria or criteria of different units. Since this method provides a maximum "group utility" of the "majority" and a minimum of the individual regret of the "opponent", the obtained compromise solution could be readily accepted by the decision makers. Besides, The coefficients of weight for evaluation factors are obtained from the avail value of data reflecting the information entropy, by which the weight allocation is more reasonable. A numerical example is presented to illustrate the methodological issues in the bid evaluation and the numerical results show that the proposed approach is effective. This method can precisely demonstrate the bidding units' technological and economical characteristic.
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Disclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.