Samuel, D (2018) Risk-based tender evaluation using multicriteria decision analysis in Trinidad and Tobago. Proceedings of Institution of Civil Engineers: Management, Procurement and Law, 171(2), pp. 58-69. ISSN 17514304
Abstract
The construction industry in Trinidad and Tobago has been faced with several challenges in procurement-that is, the perceived and actual lack of transparency and accountability in the tendering processes-leading to projects with cost overruns, time overruns and/or defects relating to quality. This paper attempts to add to the existing knowledge base in one area of the procurement process: improving the efficiency of tender evaluations. This research was undertaken to develop an additional method for executing tender evaluations based on risk by using multicriteria decision analysis. The main objective was to design a rapid and user-friendly tender evaluation tool in order to estimate the risks, final price and final duration prior to the award of contract. The achievement of this objective would permit a client to plan, budget and mitigate their risk prior to the award of contract. This is deemed beneficial to the industry in overcoming the challenges of procurement in Trinidad and Tobago.
| Item Type: | Article |
|---|---|
| Uncontrolled Keywords: | procurement; risk & probability analysis; tendering |
| Index terms: | duration, construction industry, estimate, transparency, Trinidad and Tobago, cost overrun, decision analysis, efficiency, time overrun, tendering process, tender evaluation, accountability, knowledge base, probability analysis, procurement process |
| Subjects: | contractual arrangements, liability law, Geography, tendering, financial and cost management, industry analysis, information systems, statistical analysis, project controls, decision analysis, professional development, performance management |
| Topics: | Time Control, Digital Applications, Research Practice, Information Management, Cost Management, Quality Management, Legal Issues, Procurement, Risk Management, Geographical Context |
| Descriptive scope: | 4 PCTA |
N.B. Descriptive scope is a count of how many of the five facets of empirical research are indicated by the words used in title, abstract and keywords. It is not intended as a judgement on the research; merely a count of the kind of word we would expect to indicate Phenomenon, Concepts, Theoretical framing, Empirical techniques, Analytical techniques. If all five are present, then a code of “5 PCTEA” will indicate this. If you feel the coding for this record is questionable, we welcome discussion around the terms we matched or the way we categorized them. The facet you would expect may not be coded, or a facet may be coded inappropriately. This can also bear on a larger question, of which facets should be treated as defining in construction management research. Please get in touch, and we will look at it. More details here