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Ayhan, M, Dikmen, I and Talat Birgonul, M (2021) Predicting the Occurrence of Construction Disputes Using Machine Learning Techniques. Journal of Construction Engineering and Management, 147(04).
Bhandari, S, Hallowell, M R, Alruqi, W and Salas, R (2021) Modeling the Relationship between Personal Risk Tolerance, Work-Related Risk Tolerance, and Risk-Taking Behavior of Construction Workers. Journal of Construction Engineering and Management, 147(04).
Elsayegh, A and El-adaway, I H (2021) Holistic Study and Analysis of Factors Affecting Collaborative Planning in Construction. Journal of Construction Engineering and Management, 147(04).
Garcia, G, Golparvar-Fard, M, de la Garza, J M and Fischer, M (2021) Measuring Progress and Productivity in Model-Driven Engineering for Capital Project Delivery. Journal of Construction Engineering and Management, 147(04).
Hasan, M and Lu, M (2021) Error Propagation Model for Analyzing Project Labor Cost Budget Risks in Industrial Construction. Journal of Construction Engineering and Management, 147(04).
Herrera, R F, Mourgues, C, Alarcón, L F and Pellicer, E (2021) Analyzing the Association between Lean Design Management Practices and BIM Uses in the Design of Construction Projects. Journal of Construction Engineering and Management, 147(04).
Jia, B, Yang, Y, Xie, B and Yu, X (2021) Novel Geometric Control Technology for Precast Segmental Bridges. Journal of Construction Engineering and Management, 147(04).
Kar, S, Kothari, C and Jha, K N (2021) Developing an Optimum Material Procurement Schedule by Integrating Construction Program and Budget Using NSGA-II. Journal of Construction Engineering and Management, 147(04).
Kineber, A F, Othman, I, Oke, A E, Chileshe, N and Buniya, M K (2021) Impact of Value Management on Building Projects Success: Structural Equation Modeling Approach. Journal of Construction Engineering and Management, 147(04).
Kula, B and Ergen, E (2021) Implementation of a BIM-FM Platform at an International Airport Project: Case Study. Journal of Construction Engineering and Management, 147(04).
Love, P E D, Matthews, J and Fang, W (2021) Reflections on the Risk and Uncertainty of Rework in Construction. Journal of Construction Engineering and Management, 147(04).
Makul, N (2021) Modified Cost-Benefit Analysis of the Production of Ready-Mixed Self-Consolidating Concrete Prepared with a Recycled Concrete Aggregate. Journal of Construction Engineering and Management, 147(04).
Martin, H and Ramjarrie, K (2021) Cloud Contractor Selection Model for Design-Build Open Tender. Journal of Construction Engineering and Management, 147(04).
Murguia, D, Demian, P and Soetanto, R (2021) Systemic BIM Adoption: A Multilevel Perspective. Journal of Construction Engineering and Management, 147(04).
Nguyen, L D and Tran, D Q (2021) Measurement of Fuzzy Membership Functions in Construction Risk Assessment. Journal of Construction Engineering and Management, 147(04).
Rastegar, H, Arbab Shirani, B, Mirmohammadi, S H and Akhondi Bajegani, E (2021) Stochastic Programming Model for Bidding Price Decision in Construction Projects. Journal of Construction Engineering and Management, 147(04).
- Type: Journal Article
- Keywords: Bidding price; Construction projects; Risk of loss; Average expected profit;
- ISBN/ISSN: 0733-9364
- URL: https://doi.org/10.1061/(ASCE)CO.1943-7862.0002008
- Abstract:
In competitive bidding, the success and/or failure of the contractors strongly depends on their submitted bid price. Hence, the bidding price decision is a strategic subject for contractors of construction projects. This paper develops a stochastic programming model for determining the optimum bidding price in construction projects. Some model parameters, such as the number of competitors and the project’s cost, are estimated by analyzing historical data. Then, a mathematical model for the bidding price decision that maximizes the expected profit is proposed. To reduce the risk of suffering from a large loss, a maximum acceptable risk constraint is employed. To evaluate the model’s performance, some numerical problems are examined. Moreover, sensitivity analysis of the key parameters and a robustness evaluation of the model against uncertain parameters are conducted. To evaluate the model’s effectiveness in real-world situations, a case study is analyzed using the proposed approach. The numerical results indicate that the proposed approach reduces the cost estimation errors and increases the average expected profit, which validates the applicability of the model. This research contributes to the community of contractors of construction projects by providing a new approach for determining the optimum bidding price that is in greater accordance with real-world constraints.
Sherman, R, Parrish, K and Lamanna, A (2021) Identifying and Categorizing Risks Incumbent in US Nuclear Power Plant Construction. Journal of Construction Engineering and Management, 147(04).
Somboonpisan, J and Limsawasd, C (2021) Environmental Weight for Bid Evaluation to Promote Sustainability in Highway Construction Projects. Journal of Construction Engineering and Management, 147(04).
Tariq, S and Zhang, X (2021) Critical Analysis of the Private Sector Roles in Water PPP Failures. Journal of Construction Engineering and Management, 147(04).
Ugural, M and Giritli, H (2021) Three-Way Interaction Model for Turnover Intention of Construction Professionals: Some Evidence from Turkey. Journal of Construction Engineering and Management, 147(04).
Wang, Z, Liu, Y, Hu, H and Dai, L (2021) Hybrid Rescheduling Optimization Model under Disruptions in Precast Production Considering Real-World Environment. Journal of Construction Engineering and Management, 147(04).
Xia, N, Tang, Y, Li, D and Pan, A (2021) Safety Behavior among Construction Workers: Influences of Personality and Leadership. Journal of Construction Engineering and Management, 147(04).
Zheng, J, Zhang, Z, Wu, G, Yang, Y, Xia, N and Liu, B (2021) Daily Self-Efficacy, Work Engagement, and Deviance Behavior among Construction Professionals and Workers: Cross-Level Moderating Role of Job Control. Journal of Construction Engineering and Management, 147(04).