Estimating future bidding performance of competitor bidders in capped tenders
journal contributionposted on 30.04.2018 by Pablo Ballesteros-Perez, M. Carmen Gonzalez-Cruz, Marta Fernandez-Diego, Eugenio Pellicer
Any type of content formally published in an academic journal, usually following a peer-review process.
© 2014 Vilnius Gediminas Technical University (VGTU) Press. Research in Bid Tender Forecasting Models (BTFM) has been in progress since the 1950s. None of the developed models were easy-to-use tools for effective use by bidding practitioners because the advanced mathematical apparatus and massive data inputs required. This scenario began to change in 2012 with the development of the Smartbid BTFM, a quite simple model that presents a series of graphs that enables any project manager to study competitors using a relatively short historical tender dataset. However, despite the advantages of this new model, so far, it is still necessary to study all the auction participants as an indivisible group; that is, the original BTFM was not devised for analyzing the behavior of a single bidding competitor or a subgroup of them. The present paper tries to solve that flaw and presents a stand-alone methodology useful for estimating future competitors bidding behaviors separately.
This research study has been funded in Chile by CONICYT under the Program Initiation into research 2013 (project number 11130666). The language revision of this paper was funded by the Universitat Politècnica de Valencia.
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