Formulas for Choosing the Most Economically Advantageous Tender - a Comparative Study (Part 1)
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Choosing a supplier is a significant part of any procurement process. Usually, if the award criteria is not only price, it involves an evalua- tion of bids and ranking them by their score. The score is calculated according to a formula that takes as an input price, quality and their respective weights. The main objective of this research is to review and compare different formulas used in the procurement process. I study both relative and absolute formulas with particular emphasis on strengths and weaknesses of these 2 approaches.