---
id:
aliases: []
tags: 
  - topic/risk
---
# Strategy

The field of strategy is concerned with the optimal solutions of problematic scenarios.

## Decision Theory

Decision theory concerns

* ~~internal problems~~
* ~~no competition~~
* ~~internal optimization~~

## Game Theory

Game theory concerns decisions made in competition with other intelligent actors.

Predictions of competitor behavior in bids and market movements
are made with a game-theoretic lens.

### Auction Theory

Auction theory is a subset of game theory
that specifically addresses the competitive bid format
typical of construction project award.

## In Construction Contracting

**Executives** inform **Risk Tolerance**,
**Risk Tolerance** informs **Minimum Estimate Certainty**

### Bid Strategy

Project cost certainty

#### Expected Competition

### Estimation Strategy
