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Fan, L, Ho, C and Ng, V C-W (2001) A study of quantity surveyors' ethical behaviour. Construction Management and Economics, 19(01), 19-36.

Greenwood, D J (2001) Subcontractor procurement: are relationships changing?. Construction Management and Economics, 19(01), 5-7.

Johnstone, I M (2001) Periodic refurbishment and reductions in national costs to sustain dwelling services. Construction Management and Economics, 19(01), 97-108.

Kagioglou, M, Cooper, R and Aouad, G F (2001) Performance management in construction: a conceptual framework. Construction Management and Economics, 19(01), 85-95.

Lam, K C, So, A T P, Hu, T S, Ng, S T, Yuen, R K K, Lo, S M, Cheung, S O and Yang, H (2001) An integration of the fuzzy reasoning technique and the fuzzy optimization method in construction project management decision-making. Construction Management and Economics, 19(01), 63-76.

Luo, J (2001) Assessing management and performance of Sino-foreign construction joint ventures. Construction Management and Economics, 19(01), 109-17.

Nicolini, D, Holti, R and Smalley, M (2001) Integrating project activities: the theory and practice of managing the supply chain through clusters. Construction Management and Economics, 19(01), 37-47.

Treloar, G J, Love, P E D and Holt, G D (2001) Using national input-output data for embodied energy analysis of individual residential buildings. Construction Management and Economics, 19(01), 49-61.

Tse, R Y C and Raftery, J (2001) The effects of money supply on construction flows. Construction Management and Economics, 19(01), 9-17.

Xu, T and Tiong, R L K (2001) Risk assessment on contractors' pricing strategies. Construction Management and Economics, 19(01), 77-84.

  • Type: Journal Article
  • Keywords: optimal pricing; pricing strategies; risk assessment; stochastic programming;
  • ISBN/ISSN: 0144-6193
  • URL: https://doi.org/10.1080/01446190010002561
  • Abstract:

    In a competitive tender, pricing strategies are often used by contractors to facilitate their cash flows. Usually, the decisions are based on contractors’ experience, intuition, and personal bias. The existing mark-up or cash-flow forecasting models simulate the pricing strategies in a simplified manner which may depart from real situation and therefore could lead to inaccurate cash-flow forecasting. There is a lack of practical models that could quantify risks associated with pricing strategies. For construction projects, the quantity values of break-down cost items are random variables. A new approach to the risk assessment of contractors’ pricing strategies is presented. By using the quantities as random variables, the approach developed in this paper enables the contractor to find the global optimal pricing through the stochastic programming model. The risks caused by contractors’ pricing strategies are then assessed in a quantitative manner. A real case analysis using the approach is demonstrated.