So what factors should go into a bid? The three tenets of a project are time, cost, and scope.

Time: How long will it take to complete the project? Calculate the time you expect it to take to complete the project. Adding staff (whether internal to your organization or contractors) usually brings the start date and end date of the project closer together. The staff will need training. They may require technical training, but they also need training on the scope and requirements of the project. If staff or contractors are brought in during the midst of the project, scope and requirements training should be bolster with a historical background of the project. When the staff know the expectations of the project, they can better lend their expertise to it.

Cost: Personnel, equipment, materials, and hidden costs all need to be justified to be factored into the cost estimate. If the assumptions about needing these elements are correct, then the cost estimate will be more accurate.

Scope: The project's requirements define the scope. They indicate the material and expertise needed to complete the job. If your company does not have the resources or expertise to be trained, some of these tasks may be subcontracted to other vendors. Know that the scope of the project may change or uncover some hidden factors. Due diligence in discovering these factors before placing the bid will help you determine the schedule, budget, and requirements. More importantly, it will help you know if you should even place the bid in the first place.