Which of the Following Best Explains 'Tendering

question 1

Multiple Choice

Which of the following best explains 'tendering'? 

• A) Activities needed to select contractor for the work based on competitive bids. 
• B) Activities needed to develop technical specification of the work. 
• C) Activities needed to select contractor. 
• D) Activities need to implement a technical specification.

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Definitions:

Technical Inputs

Elements related to the technological aspects of a project or system, including machinery, design parameters, and software requirements that contribute to its overall functionality and efficiency.

Time Value

The idea that money currently in hand is more valuable than an identical sum received later, because of its ability to earn more over time.

Relevant Cash Flow

Cash flows that will occur as a direct result of a decision made by a business, essential in capital budgeting and investment analysis.

Interest Expense

The cost incurred by an entity for borrowed funds, often a significant component of its operating costs.