Bidding procedures - tendering policies in construction: Application of bidding models in Greek construction

In an effort to uncover the main factors that characterize the multiple stages of bidding decisions regarding construction firms, this report can be considered in general as an investigation on bidding procedures and models and their applicability in Greek construction industry. The main objectives set are to identify and validate the key determining factors of tendering processes and their importance weights by presenting survey findings of 5 Greek construction companies of similar size, located in Athens. Primary focus is based on the pre-existing surveys and models based on parametric solutions, such as the Wanous et al, (2000), model, aiming to the optimisation of their utilisation and their application to Greek construction sector. Through this process, a new model was created, based on data from 25 real-life bidding situations. This model was tested in 10 additional projects, resulting to an accuracy of 80% in predicting the companies' decision towards the bid/no bid dilemma. Despite the fact that the model was based on input provided by a specific type of contractors, it is believed that the overall approach, reasoning and findings of the proposed framework can be considered as an important structural tool to Greek contracting organizations in general and, if adjusted accordingly, can add value to the contractors' benefits. Keywords: Tendering processes, bidding models, bid / no bid dilemma, key influential factors, private / public projects, auctions