Journal
AUTOMATION IN CONSTRUCTION
Volume 35, Issue -, Pages 517-527Publisher
ELSEVIER SCIENCE BV
DOI: 10.1016/j.autcon.2013.06.007
Keywords
Bidding strategy; Fuzzy AHP; Monte Carlo simulation; Regression; Bridge engineering
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This study proposes a new bidding strategy to support decision-making that is based on a combined framework of the Fuzzy Analytical Hierarchy Process (FAHP) and regression-based simulation. First, the FAHP method integrates the AHP with fuzzy set theory to determine the weights of factors that influence the cost of a project. Second, the integration of the cumulative distribution functions that are generated by the Monte Carlo simulation with a regression model yields bid amounts that correspond to various confidence levels. The proposed approach is used to analyze data on bridge construction projects that are taken from a database of the Taiwan Public Construction Commission. The systematic bid assessment model and the cost-probability curve can be used as strategic tools for quantifying project risks and calculating bids for construction projects. (C) 2013 Elsevier B.V. All rights reserved.
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