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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]
While analyzing the bids of a product or service, the buying side may consider the following:
Project management is the process of leading the work of a team to achieve all project goals within the given constraints. This information is usually described in project documentation, created at the beginning of the development process. The primary constraints are scope, time, and budget. The secondary challenge is to optimize the allocation of necessary inputs and apply them to meet pre-defined objectives.
A request for proposal (RFP) is a document that solicits proposal, often made through a bidding process, by an agency or company interested in procurement of a commodity, service, or valuable asset, to potential suppliers to submit business proposals. It is submitted early in the procurement cycle, either at the preliminary study, or procurement stage.
Procurement is the process of finding and agreeing to terms, and acquiring goods, services, or works from an external source, often via a tendering or competitive bidding process.
A term of business proposal is a written offer from a seller to a prospective sponsor. Business proposals are often a key step in the complex sales process—i.e., whenever a buyer considers more than price in a purchase. When one person signifies to another his willingness to do or to abstain from doing anything with a view to obtaining the assent of the other to such act or abstinence, he is said to make a Proposal.
A general contractor, main contractor or prime contractor is responsible for the day-to-day oversight of a construction site, management of vendors and trades, and the communication of information to all involved parties throughout the course of a building project.
A feasibility study is an assessment of the practicality of a proposed project or system. A feasibility study aims to objectively and rationally uncover the strengths and weaknesses of an existing business or proposed venture, opportunities and threats present in the natural environment, the resources required to carry through, and ultimately the prospects for success. In its simplest terms, the two criteria to judge feasibility are cost required and value to be attained.
Construction management (CM) is a professional service that uses specialized, project management techniques to oversee the planning, design, and construction of a project, from its beginning to its end. The purpose of Construction management is to control a project's time / delivery, cost and quality—sometimes referred to as a project management triangle or "triple constraints." CM is compatible with all project delivery systems, including design-bid-build, design-build, CM At-Risk and Public Private Partnerships. Professional construction managers may be reserved for lengthy, large-scale, high budget undertakings, called capital projects.
The processes of government procurement in the United States enable federal, state and local government bodies in the United States to acquire goods, services, and interests in real property.
The engineering design process is a common series of steps that engineers use in creating functional products and processes. The process is highly iterative - parts of the process often need to be repeated many times before another can be entered - though the part(s) that get iterated and the number of such cycles in any given project may vary.
The New Approach to Appraisal was the name given to a multi-criteria decision framework used to appraise transport projects and proposals in the United Kingdom. NATA was built on the well established cost–benefit analysis and environmental impact assessment techniques for assessing transport projects and proposals.
A benefit–cost ratio (BCR) is an indicator, used in cost–benefit analysis, that attempts to summarize the overall value for money of a project or proposal. A BCR is the ratio of the benefits of a project or proposal, expressed in monetary terms, relative to its costs, also expressed in monetary terms. All benefits and costs should be expressed in discounted present values. A BCR can be a profitability index in for-profit contexts. A BCR takes into account the amount of monetary gain realized by performing a project versus the amount it costs to execute the project. The higher the BCR the better the investment. The general rule of thumb is that if the benefit is higher than the cost the project is a good investment.
A design rationale is an explicit documentation of the reasons behind decisions made when designing a system or artifact. As initially developed by W.R. Kunz and Horst Rittel, design rationale seeks to provide argumentation-based structure to the political, collaborative process of addressing wicked problems.
Project engineering includes all parts of the design of manufacturing or processing facilities, either new or modifications to and expansions of existing facilities. A "project" consists of a coordinated series of activities or tasks performed by engineers, designers, drafters and others from one or more engineering disciplines or departments. Project tasks consist of such things as performing calculations, writing specifications, preparing bids, reviewing equipment proposals and evaluating or selecting equipment and preparing various lists, such as equipment and materials lists, and creating drawings such as electrical, piping and instrumentation diagrams, physical layouts and other drawings used in design and construction. A small project may be under the direction of a project engineer. Large projects are typically under the direction of a project manager or management team. Some facilities have in house staff to handle small projects, while some major companies have a department that does internal project engineering. Large projects are typically contracted out to engineering companies. Staffing at engineering companies varies according to the work load and duration of employment may only last until an individual's tasks are completed.
A government contract proposal, often called a government proposal in business, is a response to written requirements issued by a government entity that wants to buy something. All areas of government use written requirements to buy products or services to make purchasing fair and reduce costs. Outside of business circles, government proposal is commonly used to mean a legislative or other proposal by a government, in other words a legislative motion.
The project management triangle is a model of the constraints of project management. While its origins are unclear, it has been used since at least the 1950s. It contends that:
Chennai Monorail is a proposal for a number of lines as part of mass transit system for the Indian city of Chennai. Originally the city planned to use monorail on all lines but many were subsequently changed to railways as part of the Chennai Metro.
Association for Standardization of Automation and Measuring Systems or ASAM is an incorporated association under German law. Its members are primarily international car manufacturers, suppliers and engineering service providers from the automotive industry. The association coordinates the development of technical standards, which are developed by working groups composed of experts from its member companies. ASAM pursues the vision that the tools of a development process chain can be freely interconnected and allow a seamless exchange of data. The standards define protocols, data models, file formats and application programming interfaces (APIs) for the use in the development and testing of automotive electronic control units. A large amount of popular tools in the areas of simulation, measurement, calibration and test automation are compliant to ASAM standards. Compliance shall guarantee interoperability of tools from different vendors, allow data exchange without the need for converters, and facilitate the exchange of unambiguous specification between customers and suppliers.
The Mumbai Trans Harbour Link, also known as the Sewri Nhava Sheva Trans Harbour Link, is an under-construction 21.8 kilometres (13.5 mi), freeway grade road bridge connecting the Indian city of Mumbai with Navi Mumbai, its satellite city. When completed, it would be the longest sea bridge in India. The bridge will begin in Sewri, South Mumbai and cross Thane Creek north of Elephanta Island and will terminate at Chirle village, near Nhava Sheva. The road will be linked to the Mumbai Pune Expressway in the east and to the proposed Western Freeway in the west. The sea link will contain a 6 lane highway, which will be 27 meters in width, in addition to two emergency exit lanes, edge strip and crash barrier.
Pre-construction services are used in planning a construction project before the actual construction begins. These services are often referred to as preconstruction or precon. It is a modern practice, considered to be part of construction project management, which is the overall planning, coordination, and control of a project from inception to completion aimed at meeting a client’s requirements in order to produce a functionally and financially viable project.
An invitation to tender is a formal, structured procedure for generating competing offers from different potential suppliers or contractors looking to obtain an award of business activity in works, supply, or service contracts, often from companies who have been previously assessed for suitability by means of a supplier questionnaire (SQ) or pre-qualification questionnaire (PQQ).