| Author | Sumet Luetrakul |
| Call Number | AIT Thesis no.ST-00-53 |
| Subject(s) | Construction industry--Thailand--Costs
|
| Note | A thesis submitted in partial fulfillment of the requirement for the degree of Master of
Engineering. |
| Publisher | Asian Institute of Technology |
| Abstract | This research identifies factors that contractors should consider in their decision on bidding and analyzing historical bidding data between fair price and lowest price for understanding the probability of wining. Moreover, the bidding model is proposed to determine the lowest price in competitive situation. The economic situation are analyzed to determine the difference of previous bidding prices between before and after Thai economic crisis.
Mark-up is considered as prime factor in this study for deriving the lowest price. It is split into small components as profit, general overhead, contingency, and interest rate. Fifty-one factors influencing bidder’s decisions are considered for determining mark-up value. In addition, the values of previous bidding price are used for analyzing the probability of winning.
The study indicates that mark-up depends on bidder’s judgement to choose those factors influencing their mark-up decisions. After the economic crisis, bidders endeavored to reduce profit and interest rate for increasing competitive advantage. This study found that value of overhead and contingency are very important to the bidder. Therefore, the economic condition and project condition affects the bidding price. The multiattribute utility theory is used to capture the judgements, experiences, and perceptions of bidders. IN addition, the utility function is considered on the basis of risk neutral.
The probability of winning is used to increase the confidence of bidders in the model. The cumulative of winning distribution is developed on the basis of lowest piece to fair price ratio. The maximum expected utility in considered in order to determine mark-up and bidding price. Those theories are incorporated in the bidding model.
|
| Year | 2000 |
| Type | Thesis |
| School | School of Engineering and Technology (SET) |
| Department | Department of Civil and Infrastucture Engineering (DCIE) |
| Academic Program/FoS | Structural Engineering (STE) /Former Name = Structural Engineering and Construction (ST) |
| Chairperson(s) | Watanabe, Tsunemi; |
| Examination Committee(s) | Manavazhi;Mohan Raj;Takahashi, Kiyoshi ; |
| Scholarship Donor(s) | Asian Institute of Technology (Partial Scholarship) |
| Degree | Thesis (M.Eng.) - Asian Institute of Technology, 2000 |