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Improving Construction Management Through Advanced Computing and Decision Making

Improving Construction Management Through Advanced Computing and Decision Making
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Author(s): Varun Gupta (University of Beira Interior, Covilha, Portugal), Aditya Raj Gupta (Amity University, Noida, India), Utkarsh Agrawal (Amity University, Noida, India), Ambika Kumar (Amity University, Noida, India) and Rahul Verma (Amity University, Noida, India)
Copyright: 2020
Pages: 15
Source title: Crowdsourcing and Probabilistic Decision-Making in Software Engineering: Emerging Research and Opportunities
Source Author(s)/Editor(s): Varun Gupta (University of Beira Interior, Covilha, Portugal)
DOI: 10.4018/978-1-5225-9659-2.ch006

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Abstract

This chapter proposes an algorithm to make the bidding dynamic by not only awarding tenders on basis of cost quoted in tenders (biding cost) but also on contractor ratings. The ratings of contractors are computed using historical performance of contractor. The chapter empirically identifies the factors to rate the contractors. The historical values associated with the performance rating parameters are then combined using the “controlled values” which one assumed to standard across the industry, to yield the overall weighted rating of firms. This rating is then combined with the bidding cost, thereby making the selection of contractor dynamic. The selected contractor is paid bidding cost. The algorithm is executed a hypothetical value to illustrate the approach. A web-based tool had been proposed to automate the process of making the bidding dynamic.

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