Bid Document Definition and Explanation PDF | Download eBooks
Learn Bid Document definition in project management with explanation to study “What is Bid Document”. Study bid document explanation with project management terms to review project management course for online MBA programs.
Bid Document Definition:
Bid documents are used to solicit proposals from prospective sellers.
A Guide to the Project Management Body of Knowledge by Project Management Institute
Bid Document Explanation:
The process of identifying potential sellers and selecting the suitable one involves writing and circulating bid documents. The terms bid, tender, or quotation is used when the main focus of the buyer is on cost while the term proposal is used when the focus is on technicalities. The bid documents are of different types depending on their use. One of this is called request for information which is used when additional information is requested of the sellers. The other type is called request for quotation which is used when the sellers are requested to provide the costs associated with performing the specific task or providing the products or services. The third type is called request for proposal which is used when the sellers are asked to provide a solution to a problem. This type is the most formal one and observe strict rules.
Keep Learning Project Management Explanations
What is Bidder Conference?
To conduct procurement, the communication between the buyer and the prospective sellers is necessary. One way of doing this is ...
What is Activity in the Box?
In the planning phase of a project, all the activities and tasks are listed and organized into a diagram, called ...
What is External Dependencies?
A work breakdown structure decomposes the project into its activities and tasks. However the most important thing is to develop ...
What is Procurement Statement of Work?
Statement of work is a document that includes the complete description of the required work. In procurement management, a document ...
What is Change Request?
During a project, there arise situations when changes in the project are to be made. The changes can be based ...
What is Risk Assessment Matrix?
Risk assessment matrix is a tool used to identify potential risks and their impacts on a project. Risk assessment matrix ...