Bid Management (Construction Industry)
Bid management is the process of managing the bids made by contractors during the construction bidding process. The goal of bid management is to ensure that all bids are received and reviewed in a timely manner, and that the winning bid is selected based on its merits.
The bid management process begins with the issuance of a Request for Proposal (RFP) by the owner of the construction project. The RFP will contain information about the project, including its scope, timeline, and budget. Contractors who are interested in bidding on the project will submit their bids to the owner.
Once all of the bids have been received, the owner will review them and select the winning bid. The winning bid will be the one that offers the best value for the price. In some cases, the owner may negotiate with the contractor who submitted the winning bid in order to get a better price.
The bid management process is important because it helps to ensure that the construction project is completed on time and within budget. It also helps to ensure that the contractor who is selected to do the work is the one who is best suited for the job.