1Assistant Professor, Manav Rachna International University, Faridabad, Haryana, India
2Assistant Professor, Royal Institute of Management & Technology, Chidana, Haryana, India
3Assistant Professor, Tek Chand Mann College of Engineering, Sonipat, Haryana, India
Each order contractors estimate his probable costs of hauling out the work thorough in the scheme schedule and adds a percentage markup to form the bid value. The value of the rack up critically influences the probability of a bidder engaging the contract. Clearly, a low markup value should increases the chance of winning but decrease the profit, whilst a high markup should increase the profit but decrease the chance of winning the contract. It is very difficult for contractors to decide a proper markup, which happens to produce a satisfactory balance between the probability of winning the contract and the profit generated as a result of winning the contract. This paper presents a case-based reasoning decision support system (CBR-DSS) that assists contractors in solving markup estimation problem. The CRR-DSS uses successful cases of previous completed projects to derive solution to new project markup estimation problem. The principle of the CBR-DSS is to analogy new project with previous projects.
Case-Based Reasoning, DSS, Bidding, Markup
