Question

Technique deals with bidding of tenders

Answer 1

Answer:

Tendering is the process by which bids are invited from interested contractors to carry out specific packages of construction work or supplying of materials. The two most commonly used methods of tendering are single-stage selective tendering or two-stage selective tendering.

Answer 2

Game theory  is the Technique deals with bidding of tenders

Explanation:

• Game theory is adopted by for the bidding practices in construction. It is method which is used for making an estimate  needed for construction and its accuracy is dependent on the total  information present during the the time of bidding.
• The estimation of quantities and to find its total scope at the time of bidding all add up to the total costs required for productivity which do not include the overheads and the profits needed for completing the project.  
• The process of bidding is done between different groups and that are there for the bid and it is the final decision which is made which involves many factors for playing the final bidding number.  Since the entire process is a gamble for the contractors the process involves a lot of risky situations for them

To know more about bidding of tenders

The tender accepting authority shall accept –––––––––– tender.

(A) Highest (B) Lowest

(C) Any one of the tender (D) All the tenders

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