This is a simple matrix which considers whether to bid or not based on two simple factors: Is the bid and the proposed project ‘attractive’ to your organization and do you and your organization have the capability to successfully complete the project if funding is granted. In other words, who will actually do it! Attractiveness in this context would obviously be the funds available but should also include links to vision, aims and social objectives.
A more detailed Bid/ No Bid Assessment and Checklist is also provided. It includes 35 questions divided into Prospect Information (12 questions), Internal Information (15 questions) and market/ Competitive Information (8 questions). A weight may be assigned to each questions in accordance with its relative importance in the final decision, e.g. 1- serious competitive disadvantage, 3 –neutral and 5 – strong competitive advantage.
Finally, a total score is computed and then compared to a minimum threshold to determine whether to bid or send a no-bid letter. The maximum score in this example being 175 points. Also it is advisable to consider the number of 1 scores (serious competitive disadvantage) in any decision-making.
The issue is that experts in the field of decision theory all agree that the weighted average method is not reliable in all the cases and that results should be challenged by more granular methods like “what-if” scenarios and sensitivity analysis, or any other method that analyzes deeper the coverage of questions by given answers.