Computer Science Degree Programs Operating System MBA Courses Human Resource Management Marketing Management Supply Chain Management Total Quality Management Project Management Organizational Behavior Strategic Management College Courses General Topics College Biology College Chemistry English Grammar University Courses General Biology Microbiology Molecular Biology Bioinformatics
As an Amazon Associate I earn from qualifying purchases.

Best and Final Offer (BAFO) Notes: Definitions & Explanations PDF | Download eBooks

Download Best and Final Offer (BAFO) Notes App (Play Store) Download Best and Final Offer (BAFO) Notes App (App Store)

Study Best and Final Offer (BAFO) lecture notes PDF with project management definitions and explanation to study What is Best and Final Offer (BAFO)?. Study best and final offer (bafo) explanation with project management terms to review project management course for online MBA programs.

Best and Final Offer (BAFO) Definition:

  • Best and final offer (BAFO) gives the contractor one last chance to reduce its price and possibly win the contract.

    Successful Project Management by Jack Gido and James P. Clements



Best and Final Offer (BAFO) Notes:

When a customer requests for proposal for a particular project, contractors submit proposals outlining the deliverables and the estimated costs of project. Sometimes, a large number of proposals for a project are submitted by the contractors. In this case, the proposal evaluation process is simplified by shortlisting the contractors based on their proposals. After shortlisting, verbal presentation of the proposals are asked for of the contractors. Through this, the contractor can submit the best and final offer (BAFO). Best and final offer allows the contractors to reduce the estimated price which can help in winning the contract. Best and final offer basically provides last chance to the contractors to win the contract.

Keep Learning with Project Management Notes

What is Technical Performance Analysis?

Risks associated with the projects must be identified. After the identifiication, it is important to asses those risks on the ...

What is Quality Report?

Although it is important to provide the deliverables to the customer and complete the project on time, but the results ...

What is Schedule Forecast?

Sometimes, an estimate is made in the schedule of the project based on the past experience or data. These estimates ...

What is Activity Attributes?

After the scope of the project is defined, it is necessary to divide the overall statement of work into the ...

What is Delegation?

When individuals team up to carry out a project, every team member must understand the tasks and responsibilities he/she should ...

What is Matrix Diagram?

As the name indicates, matrix diagrams involve rows and columns like a matrix and tend to identify the impact of ...

Organizational Behavior Definitions

Learn More Related to Best and Final Offer (BAFO) Definition