Vendor bid analysis
Vendor Bid Analysis (Vendor analysis) is a technique used to figure out the cost of a project by comparing the bids submitted by many suppliers. This can be accomplished by considering the costs (via quotes, bids, proposals, etc.) presented for project work. By using a selection criteria divided into categories, vendor proposals have to meet these criteria or may be eliminated.[1][2][3]
Evaluating Bids
While analyzing the bids of a product or service, the buying side may consider the following:
- Records from previous deals
- Meeting with quality needs
- Seller capacity and resources
- Meeting deadlines in records
- Financial capability
See also
- Construction bidding
- Design–bid–build
- Cost estimate
References
External links
- Vendor Analysis – Picking The Best Vendor
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Project cost estimation methods
- Parametric estimating
- Three-point estimation
- Reserve study
- Quality costs
- Project management software
- Vendor bid analysis