THE APPLICATION OF DECISION-MAKING TO BID UNDER RISKS

摘要

In competitive tendering for construction, the price-decision-making is one of the decisive factors for bidding and making profits in construction. The paper presents the theory and approach on price-decision making and selection of construction projects. On the basis of the above presentation, the paper has risks-making-decision analysis with Bayesian Approach and Expectancy that can help the contractors to make prompt decision for bid.