Optimum Bid Estimation on Fixed Cost Contracts

Research output: Contribution to journalArticlepeer-review

8 Scopus citations

Abstract

The paper presents a competitive bidding model which can be readily implemented in a competitive bidding environment within the construction industry. A method of obtaining a fast and accurate approximation of the optimum bid for a class of bidding problems is developed. The Newton Approximation Method is employed in approximating the root of an equation which maximizes the expected monetary value of a contract. A bidding chart and an example application of the technique are presented.

Original languageEnglish (US)
Pages (from-to)949-956
Number of pages8
JournalJournal of the Operational Research Society
Volume33
Issue number10
DOIs
StatePublished - Oct 1982

ASJC Scopus subject areas

  • Management Information Systems
  • Strategy and Management
  • Management Science and Operations Research
  • Marketing

Fingerprint Dive into the research topics of 'Optimum Bid Estimation on Fixed Cost Contracts'. Together they form a unique fingerprint.

Cite this