Demystifying a Mechanism to Deal with Open Market Vacillations

However the importance of deciding an optimum contingency level can not be compromised

on the sophistication of the price escalation mechanism in place. Usually being a 10% of the total of quoted sums for billed items, contingency is an allocation for unforeseen events during the currency of works. Price escalation is one such phenomenon where the contingency allocation is used without recalling additional funds. Therefore, it is important to decide on the level of contingency in a rational way as a pre tender function of the consultants. However, qualitative forecasting methods utilize managerial judgment, experience, intuition, thumb rules and guesswork so that the decision model is basically implicit and subjective. Trend projection techniques may be appropriate in situations where the consultant is able to infer, from past behavior of a variable, something about its future impact on inventory, scheduling, seasonal variations and cyclical patterns.

Demystifying a Mechanism to Deal with Open Market Vacillations

By: Dr. Chandana Jayalath

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