Vendor Bid Analysis vs. Contracts

An easy-to-overlook technique of Estimating Costs is called Vendor Bid Analysis. It is simply considering the costs (via quotes, bids, proposals, etc) being offered for project work. Once the contracts for that work are finalized, the contract figures are used in the process Determine Budget.

Exam tip:
Vendor Bid Analysis – technique of Estimating Costs
Contract – input for Determine Budget

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