Risk Management Applied During Tender Stage Of Development Company ZZ

Tender stage is a critical stage of a development project as it determines the quality of the end product and has direct impact on the pre-determined budget. As such, the pre-qualification of contractors and suppliers are carried out with caution and adequate consideration before tender. These include background checks on the company, surveying of past and current projects, checking the financial status, meeting the key personnel of the company and project team, etc.During tender, it is important to ensure that the invited tenderers fully understand the tender requirements which would help to avoid over-pricing so as to achieve best value and desired result of the works.Risk management applied during tender stage includes identifying and forecasting probable consequences resulting from the exceptionally low or high pricing,probable collaboration, materials proposed, compliance to tender requirements and probable time overrun, etc.In conclusion, Risk management is an inevitable part of the tender process and in managing the various stages of a development project. With effective risk management, the company is able to control costs and avoid risks which may come from social media, government regulations, supply of materials and execution of the works.