CSC236 Data In this lab, in Java you wil you Lab 2 will write some dasses to sim
ID: 3797679 • Letter: C
Question
CSC236 Data In this lab, in Java you wil you Lab 2 will write some dasses to simulate online How Biddi rules for biddi ng Works ng are as follows: each item has reserve price, which is the minimum sale price set by Seller a bid is discarded if it is less than the reserve price a bidder specifies the maximum they are willing to bid, called the maximum bid the current bid is the winning bid at a given time during the audion the current bid is only as high as to exceed the previous ourrent a bid; it may be less than the maximum specified by the bidder bid is discarded if its maximum is less than the current bd if a new maximum bid is placed that is higher than the aument bid (suppose A is the currently winning bidder, and B is the new f the maximum for A is higher than the maximum for B. A is still winning the auction; the new current bid is 1+ of B) if the maximum for B is higher than the maximum for A, then B is the new winner of the auction: the new current bid is 1 (maximum of A) Bidding Example lid ium 12 5/20169E00 am Sofia7 new high bidder Sofia n2n/2016 500 pm Doey 15 new high bidder boey Given an auction for "Sample Auction Item", with auction number The auction begins on 12/5/2016 at 7am and ends on at 11:59pm with a reserve price of Here is a record of the bidding Here is an explanation of the bidding New the high bid at this time needs to match is above the reserve price; the stack she becomes the reserve price. Sofia's bid is added to maximum bid.) the We track the high bid and theExplanation / Answer
Construction bidding is the process of submitting a proposal (tender) to undertake, or manage the undertaking of a construction project. The process starts with a cost estimate from blueprints and material take offs.
Specifications
The first step in the bidding process deals with coming up with the specifications for the job. The company or customer looking for bids has to develop specifications for the bidding process. For example, if the customer needs a building constructed, a schematic or blueprints must be developed first. All of the details for the entire project must be outlined in the documentation.
Request for Bids
After the details of the project have been developed, the customer must request that bids be made. This can involve sending out invitations to bid on projects and posting the opportunity online. In some cases, the client will only request bids from a pre-selected list of contractors. In other situations, the bid opportunity may be open to anyone who qualifies to bid on it.
Bidding
After the information about the project has been distributed to contractors, the bidding process begins. The bidding process can differ, depending on the rules set by the client. In some cases, sealed bids will be submitted and the customer will evaluate them. In other cases, a more informal bidding process will be involved in which contractors simply give a total amount that they can do the job for.
Reviewing the Bids
The customer will typically set a deadline on when the last bids will be accepted. Once that deadline is reached, the customer will begin reviewing the bids. The length of time that it takes to review the bids could vary, depending on the number of bids received.
Awarding the Contract
After the bids have been thoroughly reviewed, the customer will award the contract to one bidder. In most cases, the bidder with the lowest bid wins. In some situations, the bidder will award the contract not only on price but other factors as well. For instance, the customer may be inclined to go with a more reputable provider or with those where a prior relationship exists.