Level: Advanced
TCM Section(s):
7.3. Cost Estimating and Budgeting
3.3. Investment Decision Making
Venue: 2023 AACE International Conference & Expo
Abstract: RAPCO is Python based algorithm which provides bidding reports making comparative analysis of goods and services unit prices procurements proposals. Bidding committee members, cost estimators as well as auditors will benefit from the comparative analysis provided by the tool, allowing to identify deviations that might indicate overprices, underprices, and possible price unbalancing. Other benefits like the prioritization of the most likely items for negotiation, including negotiation limits are provided. The results include savings due to work automation, productivity increase as well as better calculations, graphics, and communication between users, so as to provide deeper analysis, more assertive questioning to all decision makers in the bidding process. Recently, this tool has been updated to analyze budget consumption progress and provide support in negotiating eventual contractual amendments, indicating possible bidding ranking inversions. In the near future, these analysis will allow, by means of machine learning, for a better understanding the market and suppliers’ dynamics.
TCM Section(s):
7.3. Cost Estimating and Budgeting
3.3. Investment Decision Making
Venue: 2023 AACE International Conference & Expo
Abstract: RAPCO is Python based algorithm which provides bidding reports making comparative analysis of goods and services unit prices procurements proposals. Bidding committee members, cost estimators as well as auditors will benefit from the comparative analysis provided by the tool, allowing to identify deviations that might indicate overprices, underprices, and possible price unbalancing. Other benefits like the prioritization of the most likely items for negotiation, including negotiation limits are provided. The results include savings due to work automation, productivity increase as well as better calculations, graphics, and communication between users, so as to provide deeper analysis, more assertive questioning to all decision makers in the bidding process. Recently, this tool has been updated to analyze budget consumption progress and provide support in negotiating eventual contractual amendments, indicating possible bidding ranking inversions. In the near future, these analysis will allow, by means of machine learning, for a better understanding the market and suppliers’ dynamics.