抄録
To determine the bidding prices in Engineering-Procurement-Construction (EPC) projects,
where contract prices are fixed, the contractor needs to consider the accuracy of estimated project cost
under the limited engineering Man-Hours (MH) for cost estimation to attain maximum profit from or-
ders. In this paper, we develop an algorithm where, in order to attain maximum profit, bidding prices
are determined by allocating MH for cost estimation and adjusting bidding prices simultaneously in
consideration of the competitive bidding environments, and the cost estimation accuracy under the
constraint of the total MH and the deficit risk of each order. Through numerical examples delivered
from the algorithm, we show that the developed algorithm is effective for bidding price decision in
EPC projects.
