Vendor bid analysis
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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.
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
- "Project Cost Estimating Tools and Techniques".
- "Managing Bids & Negotiating Prices : Procurement".
- Rolstadaas, Asbjoern (1 January 2008). "Applied Project Management". Tapir Academic Press – via Google Books.