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Akin, S, Ergun, O, Surer, E and Gursel Dino, I (2021) An immersive performative architectural design tool with daylighting simulations: a building information modeling-based approach. Engineering, Construction and Architectural Management, 28(04), 1319-44.
Aldossari, K M, Lines, B C, Smithwick, J B, Hurtado, K C and Sullivan, K T (2021) Best practices of organizational change for adopting alternative project delivery methods in the AEC industry. Engineering, Construction and Architectural Management, 28(04), 1060-82.
Azman, M A, Hon, C K H, Xia, B, Lee, B L and Skitmore, M (2021) Product diversification and large construction firm productivity: the effect of institutional environments in Malaysia. Engineering, Construction and Architectural Management, 28(04), 994-1013.
Cattell, D W, Bowen, P A and Kaka, A P (2010) The risks of unbalanced bidding. Construction Management and Economics, 28(04), 333–44.
- Type: Journal Article
- Keywords: bidding; cost modelling; risk analysis; risk management; mark-up
- ISBN/ISSN: 0144-6193
- URL: https://doi.org/10.1080/01446191003663264
- Abstract:
Unbalanced bidding models have largely ignored the risk aspect of item pricing. Many researchers have acknowledged that there are considerable risks associated with unbalancing a bid but little has been done to describe these risks, let alone model them. A new framework is proposed by which all of these risks can be assessed. It identifies that these risks comprise the risk of rejection, the risk of reaction, and the risk of being wrong. It is further proposed that the value-at-risk (‘VaR’) method of measuring risk is a convenient way by which to combine all of these risks into one composite assessment. This quantified assessment serves to describe the extent of risk generated by each level of each item’s price. Previous related research has proposed an unbalanced bidding model that has likewise provided a measurement of the expected reward generated by each level of each item’s price. By doing a summation of these, keeping in mind that the prices applied to all of a project’s component items must add up to the overall bid price, the contractor is able to assess both the risks as well as the rewards of all possible item price combinations.
Chen, Q, Hall, D M, Adey, B T and Haas, C T (2021) Identifying enablers for coordination across construction supply chain processes: a systematic literature review. Engineering, Construction and Architectural Management, 28(04), 1083-113.
Crosthwaite, D (2000) The international performance of British construction companies 1990-1996. Building Research & Information, 28(04), 280–90.
Cui, Q, Hastak, M and Halpin, D (2010) Systems analysis of project cash flow management strategies. Construction Management and Economics, 28(04), 361–76.
Dainty, A R J, Bagilhole, B M and Neale, R H (2000) Computer aided analysis of qualitative data in construction management research. Building Research & Information, 28(04), 226–33.
Dulaimi, M F, Alhashemi, M, Ling, F Y Y and Kumaraswamy, M (2010) The execution of public-private partnership projects in the UAE. Construction Management and Economics, 28(04), 393–402.
Durdyev, S (2021) Review of construction journals on causes of project cost overruns. Engineering, Construction and Architectural Management, 28(04), 1241-60.
Elghaish, F, Abrishami, S, Hosseini, M R and Abu-Samra, S (2021) Revolutionising cost structure for integrated project delivery: a BIM-based solution. Engineering, Construction and Architectural Management, 28(04), 1214-40.
Gage, S A and Graham, J M R (2000) Static split duct roof ventilators. Building Research & Information, 28(04), 234–44.
Galbraith, G H, Guo, J S and McLean, R C (2000) The effect of temperature on the moisture permeability of building materials. Building Research & Information, 28(04), 245–59.
Hallowell, M (2010) Safety risk perception in construction companies in the Pacific Northwest of the USA. Construction Management and Economics, 28(04), 403–13.
Hammond, S F, Gajendran, T, Savage, D A and Maund, K (2021) Unpacking the problems behind the limited green construction adoption: towards a theoretical model. Engineering, Construction and Architectural Management, 28(04), 833-44.
Kalach, M, Abdul-Malak, M A and Srour, I (2021) Design information release under alternative design-construction modes. Engineering, Construction and Architectural Management, 28(04), 969-93.
Kern, A P, Postay, R, Schneck, E R, Mancio, M, González, M A S and Guerra, G (2021) Cost and environmental impacts reduction through building compactness. Engineering, Construction and Architectural Management, 28(04), 1176-95.
Kim, S Y, Nguyen, M V and Dao, T T N (2021) Prioritizing complexity using fuzzy DANP: case study of international development projects. Engineering, Construction and Architectural Management, 28(04), 1114-33.
Kumar, R, Iyer, K C and Singh, S P (2021) Understanding relationship between risks and claims for assessing risks with project data. Engineering, Construction and Architectural Management, 28(04), 1014-37.
Lai, I K W and Lam, F K S (2010) Perception of various performance criteria by stakeholders in the construction sector in Hong Kong. Construction Management and Economics, 28(04), 377–91.
Lai, J H K (2010) Operation and maintenance budgeting for commercial buildings in Hong Kong. Construction Management and Economics, 28(04), 415–27.
Laryea, S and Watermeyer, R (2021) Structuring architectural competitions as a competitive procurement process. Engineering, Construction and Architectural Management, 28(04), 886-907.
Li, C Q (2000) A method for reliability-based economic design of building structures. Building Research & Information, 28(04), 260–7.
Liu, F, Wang, Y, Li, H and Zhou, X (2021) Influence of cooperative period of municipal PPPs on transaction cost – a case study. Engineering, Construction and Architectural Management, 28(04), 1261-77.
Lyu, S, Hon, C K H, Chan, A P C, Javed, A A, Zhang, R P and Wong, F K W (2021) An exploratory study of safety communication networks of ethnic minority crews in the Hong Kong construction industry. Engineering, Construction and Architectural Management, 28(04), 1156-75.
Newaz, M T, Jefferies, M, Davis, P R and Pillay, M (2021) Managerial implications for construction practices as a consequence of using a psychological contract of safety. Engineering, Construction and Architectural Management, 28(04), 1134-55.
Nicholas, J, Holt, G D and Harris, P T (2000) Suppliers' debt collection and contractor creditworthiness evaluation. Building Research & Information, 28(04), 268–79.
Ofori-Boadu, A N, Owusu-Manu, D G, Edwards, D J and Asiseh, F (2021) A conceptual model of subcontractor development practices for LEED projects. Engineering, Construction and Architectural Management, 28(04), 1196-213.
Raisbeck, P, Duffield, C and Xu, M (2010) Comparative performance of PPPs and traditional procurement in Australia. Construction Management and Economics, 28(04), 345–59.
Suresh, S, Renukappa, S, Abdul-Aziz, A R, Paloo, Y and Jallow, H (2021) Developments in the UK road transport from a smart cities perspective. Engineering, Construction and Architectural Management, 28(04), 845-62.
Udawatta, N, Zuo, J, Chiveralls, K and Zillante, G (2021) From green buildings to living buildings? Rating schemes and waste management practices in Australian educational buildings. Engineering, Construction and Architectural Management, 28(04), 1278-94.
Vitorio Junior, P C and Kripka, M (2021) Fair wage potential as a tool for social assessment in building projects. Engineering, Construction and Architectural Management, 28(04), 1295-318.
Wang, D, Wang, X, Liu, M, Liu, H and Liu, B (2021) Managing public–private partnerships: a transmission pattern of underlying dynamics determining project performance. Engineering, Construction and Architectural Management, 28(04), 1038-59.
Zhan, W, Pan, W and Chen, L (2021) Construction project productivity evaluation framework with expanded system boundaries. Engineering, Construction and Architectural Management, 28(04), 863-85.