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A generalised price-scoring model for tender evaluation

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Main Author: Thum, Peng Chew
Format: Article
Language:English
Published: The Institution of Engineers, Malaysia 2011
Subjects:
Tender prices
Price comparison
Price scoring model
Tender price evaluation
Judgment
Decision making
Online Access:http://dspace.unimap.edu.my/xmlui/handle/123456789/13671
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spelling my.unimap-136712011-09-04T08:49:03Z A generalised price-scoring model for tender evaluation Thum, Peng Chew Tender prices Price comparison Price scoring model Tender price evaluation Judgment Decision making Link to publisher's homepage at http://www.myiem.org.my/ This paper proposes a generalised price-scoring model derived from behavioural features of prospect theory for use in a tender evaluation program. It has the potential to overcome the limitations of existing price models by allowing the withinprice attribute score variations to be adjusted by a preference factor. It improves selectivity and incorporates a preference function that emphasises the evaluator and decision maker’s preference in the lowest price by allowing a price-scoring curve to be derived from the skewness of the distribution of tender prices and the tender participation rate. It identifies prices that exceed the project budget and penalises them. Statistical data from a survey of tender prices was used to specify the model for practical use. Comparison between generic classes of models using price difference and price ratio functions as price gain measures is made to illustrate the model’s general applicability. With the choices made available in this generalised pricescoring model, it is possible to compare the various methods of tender evaluation by computer simulation. 2011-09-04T08:49:03Z 2011-09-04T08:49:03Z 2005-03 Article The Journal of the Institution of Engineers, Malaysia, vol. 66(1), 2005, pages 19-26 0126-513X http://www.myiem.org.my/content/iem_journal_2005-176.aspx http://hdl.handle.net/123456789/13671 en The Institution of Engineers, Malaysia
institution Universiti Malaysia Perlis
building UniMAP Library
collection Institutional Repository
continent Asia
country Malaysia
content_provider Universiti Malaysia Perlis
content_source UniMAP Library Digital Repository
url_provider http://dspace.unimap.edu.my/
language English
topic Tender prices
Price comparison
Price scoring model
Tender price evaluation
Judgment
Decision making
spellingShingle Tender prices
Price comparison
Price scoring model
Tender price evaluation
Judgment
Decision making
Thum, Peng Chew
A generalised price-scoring model for tender evaluation
description Link to publisher's homepage at http://www.myiem.org.my/
format Article
author Thum, Peng Chew
author_facet Thum, Peng Chew
author_sort Thum, Peng Chew
title A generalised price-scoring model for tender evaluation
title_short A generalised price-scoring model for tender evaluation
title_full A generalised price-scoring model for tender evaluation
title_fullStr A generalised price-scoring model for tender evaluation
title_full_unstemmed A generalised price-scoring model for tender evaluation
title_sort generalised price-scoring model for tender evaluation
publisher The Institution of Engineers, Malaysia
publishDate 2011
url http://dspace.unimap.edu.my/xmlui/handle/123456789/13671
_version_ 1643790896206970880
score 13.214268

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