Calculating an Item Bid History

The Item Bid History component enables you to calculate a bid-based price for an individual reference item separate from a cost estimate. You can select the bid history profile to use, select additional parameters for the price calculation as needed, and then calculate the item price. The calculated price is displayed for your information only and is not retained in the system.

You can access the component by clicking the Item Bid History link in the Estimation component.

• Note: When you access the Item Bid History component from the Recent menu, the data you entered previously is cleared.

The component opens with all of the fields blank. You can enter or view information in these fields:

Criteria:

• Spec Book

• Item

• Unit

• Quantity

• Bid History Profile

• Letting Date

• County

• Highway Type

• Improvement Type

• Terrain

• Urban/Rural

• Work Type

Results:

• Price

• Comment

• Regression

To calculate a bid-based price for the item, first select a value in the Spec Book field. The system automatically filters the values available in the Item field to list only items from the selected spec book. Entries are required in the Spec Book, Item, Quantity, and Bid History Profile fields.

If you enter a value for the Letting Date, the system uses this value to determine the season. If no letting date is entered, the system uses the season for the parent concept, project, or proposal. If no values are entered for season or letting date, then season is not considered when calculating the item price.

When you are finished, click the Calculate Price button. The system applies the bid history profile, calculates a price for the item, and displays it in the Price field. If you modify a value in any of the criteria fields, the Price field does not display a value until you click the Calculate Price button again. You can continue modifying criteria and calculating item prices as needed.

To view source data for the calculated item price, click the Source Data quick link on the Item Bid History component (see Analyzing Bid History Source Data for more information). The Source Data quick link is available only after the price has been calculated for the item.

To analyze price versus quantity for the selected item, quantity, and bid history profile by using an interactive scatter plot, select Price vs Quantity Analysis from the Actions menu on the component header (see Analyzing Price Versus Quantity for more information).

Related topics:

Managing Estimation