Financial and Human Resources Management - SEEN EXAMINATION - Essay Example

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Financial and Human Resources Management - SEEN EXAMINATION

These documents seek to show the possible cost of successfully carrying out the construction project, if it is awarded. In contrast, tendering refers both to the refinement of conditions in order to arrive at the final and most rational price, and the, contractual terms that must be submitted to promoters or their representatives. The second phase (also referred to as bid adjudication), entails evaluation of the probable margins of error in established cost estimates, potential risks, as well as the likely financial impacts of completing the project. Decisions that are made by executive personnel in regard to bid adjudication are usually confirmed at a formal convention as Gray and Larson, (2003) notes. Such a formal meeting to make decisions in regard to bid adjudication occurs several days prior to placement of the final bid. This provides adequate time for clear assessment of bid credentials before actual tendering. The formal meeting also ensures that all the relevant information is taken into account before a contractor is chosen, thus avoiding selecting a contractor that cannot fully deliver on project requirements. The considerations made by managers include factors such as acute competition, uncertainty in cost estimates, inadequate or poor information regarding a particular project, and risks associated with production or project implementation. ...Show more

Summary

SECTION B # Question 3 Virtually every construction job is given to a contractor based on the placement of competitive bids as Cooper, Grey, Raymond, and Walker, (2004) notes. It follows that the project is awarded to the bidder who proposes the lowest price and is proven to have the highest capacity to deliver effectively…
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