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AbouRizk, S M, Halpin, D W and Wilson, J R (1991) Visual Interactive Fitting of Beta Distributions. Journal of Construction Engineering and Management, 117(04), 589–605.
Abudayyeh, O Y and Rasdof, W J (1991) Design of Construction Industry Information Management Systems. Journal of Construction Engineering and Management, 117(04), 698–715.
Bernold, L E and Treseler, J F (1991) Vendor Analysis for Best Buy in Construction. Journal of Construction Engineering and Management, 117(04), 645–58.
Cole, L J R (1991) Construction Scheduling: Principles, Practices, and Six Case Studies. Journal of Construction Engineering and Management, 117(04), 579–88.
De La Garza, J M and Mitropoulos, P (1991) . Journal of Construction Engineering and Management, 117(04), 736–55.
De La Garza, J M, Vorster, M C and Parvin, C M (1991) Total Float Traded as Commodity. Journal of Construction Engineering and Management, 117(04), 716–27.
de Neufville, R and King, D (1991) Risk and Need‐for‐Work Premiums in Contractor Bidding. Journal of Construction Engineering and Management, 117(04), 659–73.
- Type: Journal Article
- Keywords: Models; Construction industry; Bids; Contractors; Risk; Construction costs; Project management;
- ISBN/ISSN: 0733-9364
- URL: https://doi.org/10.1061/(ASCE)0733-9364(1991)117:4(659)
- Abstract:
Contractors add significant premiums, on the order of 3%, to their bids when they have a low need for work or projects have high risk. An empirical study of the effect of need‐for‐work and project risk on contractor bid markups was conducted by assessing and analyzing utility functions obtained from construction contractors in a bid‐simulation exercise. Thirty New England contractors participated in the study. The statistical analysis of utility data indicates, with a high level of confidence, that need for work and risk significantly affect contractor bid markups. A revised model of bidding is presented. The paper also discusses the implications of these need‐for‐work and risk premiums for owners, contractors, and the insurance industry. Specifically, project managers should seriously consider investing at least 1% of the project cost in studies that reduce the risk perceived by contractors.
Kakoto, T and Skibniewski, M (1991) Engineering Decision Support of Automated Shield Tunneling. Journal of Construction Engineering and Management, 117(04), 674–90.
Moselhi, O, Hegazy, T and Fazio, P (1991) Neural Networks as Tools in Construction. Journal of Construction Engineering and Management, 117(04), 606–25.
Reinschmidt, K F, Griffis, F H ( and Bronner, P L (1991) Integration of Engineering, Design, and Construction. Journal of Construction Engineering and Management, 117(04), 756–72.
Riggs, L S and Hills, J W (1991) Implications for U.S. Construction Companies in 1992 European Community. Journal of Construction Engineering and Management, 117(04), 773–90.
Rowings, J E (1991) Project‐Controls Systems Opportunities. Journal of Construction Engineering and Management, 117(04), 691–7.
Sanders, S R and Thomas, H R (1991) Factors Affecting Masonry‐Labor Productivity. Journal of Construction Engineering and Management, 117(04), 626–44.
Touran, A (1991) Modeling Uncertainty in Operations with Nonstationary Cycle Times. Journal of Construction Engineering and Management, 117(04), 728–35.