Bid/no-bid decisions in international construction markets are
considered difficult, being characterized by its uncertainties and
complexities, especially in today's competitive market. Some authors
claim that many companies still utilize tools and methods that are
fragmented, incomplete and rudimentary based on "personal intuition" or
"previous-experience-based" (Han & Diekmann 2001a/b). On the other hand,
other authors emphasize that most of the bidding models found in the
literature 'remained in academic circles and did not find their way into
the practical world' (Wanous et al, 2000). The focus of this work is to
make a contribution towards the reduction of the gap between theoretical
and practical bidding decision models and contribute to the development
of models that could satisfactorily support bidding decisions for
international construction projects. An investigation of practical
bid/no-bid decision models is performed combined with an evaluation of
the degree of applicability of theoretical models in practice. An
important contribution can be done not only to the academic field but
also to managerial one if future research focuses on the improvement of
practical models.