Evaluating and Comparing Bidding Optimization Effectiveness
Publication: Journal of Construction Engineering and Management
Volume 129, Issue 3
Abstract
Competitive bidding is the means by which pricing of numerous services takes place. Optimization models have been developed to support bidding, but no consistent and structured methodology has been followed in evaluating those models. This paper provides such a methodology and demonstrates it in the comparison of three bidding optimization approaches aimed at profit maximization. The methodology represents a modification and refinement of previously used evaluation approaches. In addition, the methodology incorporates the determination of an upper bound on effectiveness in order to provide an indicator of how much improvement in effectiveness remains. Real construction bidding data are used to demonstrate the comparison of the optimization procedures.
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Information & Authors
Information
Published In
Journal of Construction Engineering and Management
Volume 129 • Issue 3 • June 2003
Pages: 285 - 292
Copyright
Copyright © 2003 American Society of Civil Engineers.
History
Received: Aug 27, 1999
Accepted: Jun 13, 2002
Published online: May 15, 2003
Published in print: Jun 2003
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