Bid Risk Management
Why your approach to bidding could be killing your business
Bids are projects in their own right, often with very tight and immovable deadlines, and they need to be managed as such. The challenge in developing the bid is that the delivery project often has a high degree of uncertainty, meaning the outcomes in terms of timelines and costs are hard to predict.
However, including estimating uncertainty and risk impact in your bids can give you a fast, real-time insight and keeps your pricing competitive by driving contingency down.
Getting your bid pricing wrong can destroy your business – doing it well will leave the competition behind.
Bid risk management consultancy
Risk Decisions specialises in building up your capability to help you win more bids. Our experienced risk management consultants work with your bid team to identify and quantify uncertainty and risk. We will then use Predict! Risk Analyser, our Monte Carlo software, to support you in preparing for, validating and evaluating bid/tender submissions:
- Show whether your schedule is giving you the true picture – hidden constraints can drive you to contract on the wrong dates
- Determine the sensitivity of your schedule/budget to risks
- Identify scope/risks that you might be able to negotiate out of the contract to reduce risk/cost
- Inform decisions on contingency requirements
- Provide input for informed Bid / No Bid decisions
We can then support you during bid defence and contract negotiation meetings. The same process is equally applicable to project gateway reviews.