- Financial Evaluation in Tenders
Financial evaluation is the stage of analyzing bids submitted by competitors in the tender to determine the competitiveness of prices compared to the project's estimated costs and other evaluation criteria.
Stages of Financial Evaluation
- Opening Financial Offers: Financial envelopes are opened in the presence of competitors to ensure transparency.
- Price Comparison: Analysis of unit prices and the total cost of each bid.
- Verification of Unreasonable Prices: Such as offers that are much lower or higher than the estimates.
- Determining the Best Offer: Based on the value-for-money criterion.
Financial Evaluation Tools
- Comparison Tables: Used to compare all bids objectively.
- Statistical Analysis: To study the financial distribution of bids.
- Direct Inquiries: If there are significant differences, clarification may be requested from the contractor.
Challenges in Financial Evaluation
- Unreasonable Offers: May require additional evaluation to determine the reasons for significant price disparities.
- Impact on Quality: Cheaper bids might be at the expense of quality.
- Time Pressure: The financial evaluation process needs sufficient time to ensure accuracy.
Financial evaluation is a precise balancing act between economic efficiency and quality, making it an essential element in the tender process.
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Related Links
- ◾ Bidding in Government Projects
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- ◾ Are You Eligible to Enter a Tender?
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- ◾ Bid Evaluation in Tenders
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- ◾ Pre-Qualification – Etimad
- ◾ Grievance Escalation – Etimad
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- ◾ Obtaining Government Tenders
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- ◾ What are Tenders?
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