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dc.contributor.author
Zachos, Christos
en
dc.date.accessioned
2015-06-15T12:57:39Z
dc.date.available
2015-09-27T05:57:45Z
dc.date.issued
2015-06-15
dc.identifier.uri
https://repository.ihu.edu.gr//xmlui/handle/11544/359
dc.rights
Default License
dc.title
The Price to Bid
en
heal.type
masterThesis
heal.keyword
Government purchasing
en
heal.keyword
Monte Carlo method
en
heal.keyword
Dissertations, Academic
en
heal.keyword.LCSH
competitive bidding
en
heal.keyword.LCSH
cost engineering
en
heal.keyword.LCSH
estimating and tendering
en
heal.keyword.LCSH
government procurement
en
heal.keyword.LCSH
Monte Carlo simulation
en
heal.language
en
heal.access
free
el
heal.license
http://creativecommons.org/licenses/by-nc/4.0
heal.recordProvider
School of Economics, Business Administration and Legal Studies, MSc in Management
heal.publicationDate
2013-09
heal.bibliographicCitation
Zachos Christos , 2013, The Price to Bid, Master's Dissertation, International Hellenic University
en
heal.abstract
Government procurement is a market accounting for more than 15% of the gross world product. Irrespectively of the market size, government procurement receives little academic attention and research efforts in the basic functions of estimating and tendering are restricted to the construction industry. As a result, application-specific tools based on analytical models are unavailable to the general practitioner who relies mainly on experience and intuition for the bid pricing. An industry-independent software system based on the Monte Carlo simulation which integrates cost engineering with tendering theory was developed and its effectiveness was tested against real projects. Through the discussion on the various stages of the system development, a number of methods and models are presented and the highly managerial nature of the topic is revealed.
en
heal.tableOfContents
Abstract ................................................................................................................ 1 Acknowledgments ................................................................................................ 2 Contents ............................................................................................................... 3 List of Figures ....................................................................................................... 5 Introduction ......................................................................................................... 6 1.1 Background & Motivation .............................................................................. 6 1.2 Aim & Objectives ............................................................................................ 9 1.3 Contribution ................................................................................................. 10 1.4 Thesis Structure ........................................................................................... 10 Estimating & Tendering ..................................................................................... 12 2.1 Estimating .................................................................................................... 13 2.1.1 Baseline Cost ......................................................................................... 13 2.1.2 Risk & Contingency ............................................................................... 14 2.1.3 Indirect Costs & General Overhead ...................................................... 15 2.2 Tendering ..................................................................................................... 16 2.2.1 Friedman’s Model & Tendering Theory ................................................ 17 System Formulation ........................................................................................... 21 3.1 Design Requirements and Constraints......................................................... 21 3.2 Baseline Cost and Line Item Contingency Simulator ................................... 23 3.3 Overhead Markup Calculator ....................................................................... 25 3.4 Late Payment Fee Simulator ........................................................................ 27 3.5 Winner’s Markup Simulator ......................................................................... 30 3.6 Optimal Markup and Bid Strategy ............................................................... 33 ~ 4 ~ Proof of Concept ................................................................................................ 36 4.1 Baseline Cost Estimating .............................................................................. 36 4.2 Late Payment Fee Estimating ....................................................................... 37 4.3 Markup and System Effectiveness ............................................................... 38 Conclusions & Limitations .................................................................................. 40 5.1 The System versus the Design Requirements and the Aim ......................... 40 5.2 Limitations & Paradoxes .............................................................................. 42 5.3 Managerial Implications ............................................................................... 44 5.4 Future Work ................................................................................................. 47 References ......................................................................................................... 49 Appendix ............................................................................................................ 55
en
heal.advisorName
Vlachos, Dimitrios
en
heal.committeeMemberName
Katsaliaki, Korina
en
heal.committeeMemberName
Papadopoulos, Chryssoleon
en
heal.committeeMemberName
Vlachos, Dimitrios
en
heal.academicPublisher
School of Economics, Business Administration and Legal Studies, MSc in Management
en
heal.academicPublisherID
ihu
heal.numberOfPages
66
heal.fullTextAvailability
true


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