Setting Advanced Parameters for a Bid History Profile

The Advanced Parameters tab on the Bid History Profile Summary enables you to specify additional parameters, such as whether to generate averages and regressions, and which variables to include in the price calculation. These settings are saved as part of the profile, which can then be used to retrieve historical bid data and calculate prices as needed.

The settings on the Advanced Parameters tab are divided into three expandable sections. In the Variables to include in analysis section, you can select or clear check boxes for these variables:

• Highway Type

• Improvement Type

• Market Area

• Season

• Terrain

• Urban/Rural

• Work Type

• Note: Selecting too many variables can make it difficult to calculate a meaningful price. You can experiment with the effects of these settings and see immediate results by using the Item Bid History component (Calculating an Item Bid History) or the Price vs Quantity Analysis tool (Analyzing Price Versus Quantity).

In the Averages section, you can view or change values in these fields:

• Generate Averages

• Minimum Number of Observations

• Percent of Date Range to select

• Percent of Quantity Outliers to exclude

• Percent of Price Outliers to exclude

In the Regressions section, you can view or change values in these fields:

• Generate Regressions

• Minimum Number of Observations

• Exclude models that are out of range compared to the average

• Include Date variable in analysis

• Percent of Regression Model Outliers to exclude

• Level of Improvement to add

• Exclude regression with positive quantity coefficients

• Minimum month range of history needed

• Minimum Number of Observations (for Date variable)

• Maximum inflation/deflation rate allowed

Click in a field and add, change, or delete values as needed. When you are finished making changes, click the Save button. The system displays a message to confirm that your changes were saved in the database.

Related topics:

Working with Bid History Profiles

Maintaining a Bid History Profile