Research Article
Mar 1967
Bidding Strategies and Probabilities
This article has a reply.
VIEW THE REPLYThis article has a reply.
VIEW THE REPLYThis article has a reply.
VIEW THE REPLYThis article has a reply.
VIEW THE REPLYPublication: Journal of the Construction Division
Volume 93, Issue 1
Abstract
Seven competitive bidding strategies for optimizing profits in construction contracting are developed; namely: (1) Lone Bidder Strategy—no competitors; (2) Two Bidders Strategy—one competitor; (3) Many Bidders Strategy—more than one competitor, number and identity of competitors not known; (4) All Bidders Known Strategy—more than one competitor, number and identity of competitors known; (5) Number of Bidders Known Strategy—more than one competitor, number of competitors known but identity of competitors not known; (6) Least Spread Strategy—minimizing money left on the table; and (7) Unbalanced Bidding—maximizing competitive position through quantity change. In addition, the following statistical distributions and applications are investigated: (1) Binomial Distribution—forecasting the frequency of winning; (2) Gaussian Distribution—precision of bidding; and (3) Poisson Distribution—forecasting of number of competitors. Other related topics are examined briefly.
Get full access to this article
View all available purchase options and get full access to this article.
Information & Authors
Information
Published In
Journal of the Construction Division
Volume 93 • Issue 1 • March 1967
Pages: 75 - 110
Copyright
© 1967 American Society of Civil Engineers.
History
Published in print: Mar 1967
Published online: Feb 11, 2021
Permissions
Request permissions for this article.
Authors
Affiliations
Marvin Gates, M.ASCE
Pres., Construction Estimating, Inc., West Hartford, Conn.
Metrics & Citations
Metrics
Citations
Download citation
If you have the appropriate software installed, you can download article citation data to the citation manager of your choice. Simply select your manager software from the list below and click Download.
Cited by
View Options
Get Access
Access content
Please select your options to get access
Log in/Register
Log in via your institution (Shibboleth)
ASCE Members:
Please log in to see member pricing
Purchase
Save for later Item saved, go to cart Information on ASCE Library Cards
ASCE Library Cards let you download journal articles, proceedings papers, and available book chapters across the entire ASCE Library platform. ASCE Library Cards remain active for 24 months or until all downloads are used. Note: This content will be debited as one download at time of checkout.
Terms of Use: ASCE Library Cards are for individual, personal use only. Reselling, republishing, or forwarding the materials to libraries or reading rooms is prohibited.
Terms of Use: ASCE Library Cards are for individual, personal use only. Reselling, republishing, or forwarding the materials to libraries or reading rooms is prohibited.
Get Access
Access content
Please select your options to get access
Log in/Register
Log in via your institution (Shibboleth)
ASCE Members:
Please log in to see member pricing
Purchase
Save for later Item saved, go to cart Information on ASCE Library Cards
ASCE Library Cards let you download journal articles, proceedings papers, and available book chapters across the entire ASCE Library platform. ASCE Library Cards remain active for 24 months or until all downloads are used. Note: This content will be debited as one download at time of checkout.
Terms of Use: ASCE Library Cards are for individual, personal use only. Reselling, republishing, or forwarding the materials to libraries or reading rooms is prohibited.
Terms of Use: ASCE Library Cards are for individual, personal use only. Reselling, republishing, or forwarding the materials to libraries or reading rooms is prohibited.