Optimum Bid Markup Calculation Using Neurofuzzy Systems and Multidimensional Risk Analysis Algorithm
Symeon E. Christodoulou · Journal of Computing in Civil Engineering · 2004
The paper presents a methodology for arriving at optimum bid markups in static competitive bidding environments by use of neurofuzzy systems and integrated multidimensional risk analysis algorithms. The neurofuzzy framework enables integration of the objective and subjective factors found in the underlying decision-making process, and serves as the stepping stone for the generation of the multidimensional probability distribution function that governs competitive bidding. Subsequent bid optimization is achieved by employing a multidimensional risk analysis algorithm.