This is a simple tool that considers two distinct elements of a decision to bid or not to bid. What are our chances of winning and how attractive is the bid or tender (does it correspond with our vision, aims, social objectives). If the answer to those questions are highly attractive and high chance of winning then BID! Conversely if it is not attractive and there is a low chance of winning do not invest the effort and time!
The Proposal Evaluation Matrix is very similar – does it meet our objectives is a crucial question to ask and chances of winning is also important as it aids the decision about use of human resources.