Development and implementation of multiple criteria approaches to optimization in construction bidding /
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| Other Authors: | , , |
| Format: | Thesis Book |
| Language: | English |
| Published: |
1991.
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| Subjects: | |
| Online Access: | ProQuest, Abstract Link to OAKTrust copy |
| Abstract: | Competitive bidding optimization methods are aimed at determining the best price for a particular object of interest. What constitutes "best," however, depends upon the criteria of importance for a given situation. One criterion may dictate that a low bid is best, while another may call for considerably higher bid amounts. It is for these reasons that the bidding problem should be considered from a multi-criteria decision making (MCDM) perspective. Traditionally, quantitative techniques for determining bid strategies have sought bid markups to maximize expected (i.e., long run) profits. Methods that have been developed for this purpose have witnessed only limited application and implementation success. At the same time, there are various multi-criteria optimization methods which have been developed but applied in other problem areas. The two optimization fields -- bidding and MCDM -- remain to be integrated. The primary goal of this research has been, therefore, to accomplish this integration: multi-criteria methods are being extended into the bidding problem area; and bidding optimization is being extended to consider multiple criteria. A secondary goal is the development of a design for a decision support system (DSS) to facilitate the adoption of these results by industry. Research has been done within the construction bidding context and includes: the analysis of economic and construction management data for over 500 projects with respect to well-known bidding factors and criteria; the development and extensive testing of a multi-criteria bidding optimization approach based on the analytic hierarchy process; and the development of guidelines for design of software to implement the optimization approaches. A wide variety of hypothetical multiattribute value functions have been used to analyze how the multi-criteria approach performs in comparison to more traditional profit-based bidding methods. |
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| Item Description: | Typescript (photocopy). Vita. "Major subject: Business Analysis." |
| Physical Description: | xii, 189 leaves : illustrations ; 29 cm |
| Bibliography: | Includes bibliographical references. |