Evaluation of Bids for Construction Contracts Using Discounted Cash Flow Techniques.

A multi-criteria approach to contractor selection

“…In selecting a contractor various selection criteria such as experience, performance in past projects, financial strength, etc., should be considered simultaneously. It is important to use additional decision criteria other than the lowest tender (Hardy et al ., 1981; Samuelson & Levitt, 1982; Bent, 1984; Nguyen, 1985; Hauck & Kline, 1986; Friis, 1987; Jaselskis & Russell, 1990; Ledbetter, 1994; Herbsman, 1995; Working Group, 1997). However, these researches focused on single principal criterion to evaluate the contractor, i.e.…”

A multi‐criteria approach to contractor selection

“…In selecting a contractor various selection criteria such as experience, performance in past projects, ®nancial strength, etc., should be considered simultaneously. It is important to use additional decision criteria other than the lowest tender (Hardy et al, 1981;Samuelson & Levitt, 1982;Bent, 1984;Nguyen, 1985;Hauck & Kline, 1986;Friis, 1987;Jaselskis & Russell, 1990;Ledbetter, 1994;Herbsman, 1995;Working Group, 1997). However, these researches focused on single principal criterion to evaluate the contractor, i.e.…”

Fuzzy multiple criteria decision system for contractor selection

“…Construction researchers and practitioners have proposed different methods or procedures for contractor selection. To name a few of them: a multi-attribute utility model by Diekmann (1981); a discounted cash flow model by Hardy et al (1981); a fuzzy bid evaluation model by Nguyen (1985); a statistical model by Jaselskis (1988); a multidimensional weighting method by Russell and Jaselskis 1 99 1; multiple regression model by Hatush (1995); a utility model by Hatush and Skitmore (1998) and AHP contractor selection system by Fong and Choi (2000). Most of these researchers have incorporated multi-criteria decision analysis methods in their modelshnethodologies.…”

“…Though a considerable number of contractor selection models or methodologies have been proposed by many researchers (e.g., Diekmann, 1981;Hardy et al, 1981;Nguyen, 1985;Russell et al, 1990;Holt et al, 1994aHolt et al, , 1994bHatush and Skitmore, 1998;Sonmez, M. et al, 2001;Mahdi, I. M. et al, 2002;Pongpeng and Liston, 2003a), these models or Therefore, a methodology or a contractor selection system capable of dealing with the uncertainty inherent in the nature of construction project, multiple decision criteria, uncertainty and vagueness surrounding the decision-making would be beneficial for construction clients in selecting the most appropriate contractor for the job. A comprehensive contractor selection system that incorporates the concept of fuzzy set theory and multiple criteria decision-making technique is proposed and developed.…”