Performance based procurement is a relatively new directive for contractor selection. Performance based procurement considers the value of the contractor's services in the award of the contract in addition to the submitted bid price. This study utilizes a statistical analysis comparing the abilities of the performance based and price based (lump sum low-bid) procurement processes to deliver project performance, to minimize the risks of the schedule, to minimize the risks of the budget, and in not meeting the client's expectations. The study also uses the results of statistical tests to identify the relative first costs of the processes and the client's management and control responsibilities. The results of the study show that a performance based procurement process delivers higher performance, minimizes subjective decision making, minimizes risk, and that cost and performance may have no direct relationship.
|Title of host publication||Construction Research Congress 2005|
|Publisher||American Society of Civil Engineers|
|Publication status||Published - 2005|
|Event||Construction Research Congress 2005: Broadening Perspectives - |
Duration: 1 Jan 2005 → …
|Conference||Construction Research Congress 2005: Broadening Perspectives|
|Period||1/01/05 → …|