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Arshad, M F, Thaheem, M J, Nasir, A R and Malik, M S A (2019) Contractual Risks of Building Information Modeling: Toward a Standardized Legal Framework for Design-Bid-Build Projects. Journal of Construction Engineering and Management, 145(04).
Baek, M and Ashuri, B (2019) Analysis of the Variability of Submitted Unit Price Bids for Asphalt Line Items in Highway Projects. Journal of Construction Engineering and Management, 145(04).
Chao, L and Liaw, S (2019) Fuzzy Logic Model for Determining Minimum Overheads-Cum-Markup Rate. Journal of Construction Engineering and Management, 145(04).
- Type: Journal Article
- Keywords: Bids; Competition; Overheads; Markup; Bid position; Fuzzy logic; Regression analysis; Loss risk;
- ISBN/ISSN: 0733-9364
- URL: https://doi.org/10.1061/(ASCE)CO.1943-7862.0001632
- Abstract:
Contractors in bidding for a construction project often focus on the direct cost and determine a bid price by applying an overheads-cum-markup rate on top of the estimated direct cost. Such a simple method is prone to incorrectness if a rate is charged without a sound basis. As an improvement, a fuzzy logic model is proposed for determining the minimum rate for a project based on the bid position of a contractor. Using the estimates of chance of winning and loss risk as inputs, the model incorporates the bid position in a set of fuzzy rules that reflect the degree of need for work and risk attitude. A regression equation built from bid data for public sector projects connects the ratio of winning bid to owner’s budget with project attributes and is used in estimating the chances of winning for various rates. An illustrative example is provided, in which the rules representing the bid positions in nine scenarios were formulated and recent bids in Taiwan were collected for building the regression equation. The results of simulation of bidding for two bidding cases show that the model can differentiate the bid positions and suggest minimum overheads-cum-markup rates consistently. The model may prevent inadequate rates in bidding under intense price competition, thus advancing the field of bidding.
Deng, Y, Gan, V J L, Das, M, Cheng, J C P and Anumba, C (2019) Integrating 4D BIM and GIS for Construction Supply Chain Management. Journal of Construction Engineering and Management, 145(04).
Hacker, M E, Kaminsky, J and Faust, K M (2019) Legitimizing Involvement in Emergency Accommodations: Water and Wastewater Utility Perspectives. Journal of Construction Engineering and Management, 145(04).
Jin, R and Chen, Q (2019) Overview of Concrete Recycling Legislation and Practice in the United States. Journal of Construction Engineering and Management, 145(04).
Kereri, J O and Harper, C M (2019) Social Networks and Construction Teams: Literature Review. Journal of Construction Engineering and Management, 145(04).
Kim, J, Ham, Y, Chung, Y and Chi, S (2019) Systematic Camera Placement Framework for Operation-Level Visual Monitoring on Construction Jobsites. Journal of Construction Engineering and Management, 145(04).
Li, H, Wang, M and Dong, X (2019) Resource Leveling in Projects with Stochastic Minimum Time Lags. Journal of Construction Engineering and Management, 145(04).
Li, Y, Li, G, Wang, T, Zhu, Y and Li, X (2019) Semicustomized Design Framework of Container Accommodation for Migrant Construction Workers. Journal of Construction Engineering and Management, 145(04).
Mitikie, B B and Lee, T S (2019) Experimental Investigation of Enzyme Stabilization and Its Effect on Clay Brick. Journal of Construction Engineering and Management, 145(04).
Nasirian, A, Arashpour, M, Abbasi, B and Akbarnezhad, A (2019) Optimal Work Assignment to Multiskilled Resources in Prefabricated Construction. Journal of Construction Engineering and Management, 145(04).
Noorizadeh, A, Peltokorpi, A and Avkiran, N K (2019) Supplier Performance Evaluation in Construction Projects: Challenges and Possible Solutions. Journal of Construction Engineering and Management, 145(04).
O’Connor, J T and Mock, B D (2019) Construction, Commissioning, and Startup Execution: Problematic Activities on Capital Projects. Journal of Construction Engineering and Management, 145(04).
Oswald, D, Wade, F, Sherratt, F and Smith, S D (2019) Communicating Health and Safety on a Multinational Construction Project: Challenges and Strategies. Journal of Construction Engineering and Management, 145(04).
Son, J, Khwaja, N and Milligan, D S (2019) Planning-Phase Estimation of Construction Time for a Large Portfolio of Highway Projects. Journal of Construction Engineering and Management, 145(04).
Wu, L, Jia, G and Mackhaphonh, N (2019) Case Study on Improving the Effectiveness of Public Participation in Public Infrastructure Megaprojects. Journal of Construction Engineering and Management, 145(04).
Xiong, B, Skitmore, M, Xia, P, Ballesteros-Pérez, P, Ye, K and Zhang, X (2019) Impact of Corporate Credit Scoring on Construction Contractors in China. Journal of Construction Engineering and Management, 145(04).