Industrial Engineer Engineering and Management Solutions at Work

June 2012    |    Volume: 44    |    Number: 6

The member magazine of the Institute of Industrial and Engineers

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Make it not go wrong

Risk management can keep projects from fulfilling Murphy’s Law 

By Refael Yosha

“If anything can go wrong, it will.” – Murphy's Law

In the competitive world in which companies have to survive nowadays, one main problem in the project bidding stage is proposing the right price. After omitting other factors that may influence the buyer’s decision-making process, such as bidder reputation, quote quality, the technical solution offered and sometimes logistics considerations, the quotation bidding price has a great impact on the buyer’s decision.

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