39 lines
817 B
Markdown
39 lines
817 B
Markdown
# Strategy
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The field of strategy is concerned with the optimal solutions of problematic scenarios.
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## Disciplines
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### Decision Theory
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Decision theory concerns
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~~internal problems~~
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~~no competition~~
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~~internal optimization~~
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### Game Theory
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Game theory concerns decisions made in competition with other intelligent actors.
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Predictions of competitor behavior in bids and market movements
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are made with a game-theoretic lens.
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#### Auction Theory
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Auction theory is a subset of game theory
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that specifically addresses the competitive bid format
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typical of construction project award.
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## In Construction Contracting
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**Executives** inform **Risk Tolerance**
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**Risk Tolerance** informs **Minimum Estimate Certainty**
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### Bid Strategy
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Project cost certainty
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#### Expected Competition
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### Estimation Strategy |