Glossary

A standardized numerical code used by transportation departments to identify specific construction work items, materials, or services in bid documents.

• •In the unit price selection table: This is a predicted value using only past Bid Min data for the item. It reflects the lowest competitive prices historically submitted for similar quantities, locations, and project types.
• •On the scatter plot: When hovering over a data point, Bid Min represents the lowest unit price bid by a contractor for that specific item, quantity, and project.

• •In the unit price selection table: This is a predicted value using only past Bid Max data for the item. It reflects the highest prices historically submitted, often linked to small quantities, remote locations, or higher-risk bids.
• •On the scatter plot: When hovering over a data point, Bid Max shows the highest unit price bid by a contractor for that specific item, quantity, and project.

• •In the unit price selection table: This is a predicted value using only past Engineer Estimate data for the item. It represents how DOT engineers have historically estimated prices for similar projects and serves as a planning benchmark.
• •On the scatter plot: When hovering over a data point, EE shows the engineer's pre-bid estimated unit price for that item on that specific project.

The cost per unit of measurement for a specific bid item (e.g., cost per cubic yard, per linear foot, per each).

A statistical method used to analyze the relationship between variables, such as quantity and unit price, to predict future values. In BidQuant, regression analyzes historical bid data to understand how prices change with quantity, location, and time, allowing it to generate accurate, project-specific unit price estimates.

Pricing methodology that adjusts unit costs based on the total quantity of work, recognizing economies or diseconomies of scale.

A method that calculates an average by giving more importance to certain values, usually based on their relevance or size. In BidQuant, weighted averages are used to estimate unit prices by giving more influence to bids with larger quantities, making the average better reflect real project conditions.

Department of Transportation - State agencies responsible for transportation infrastructure including roads, bridges, and highways.

Geographic administrative divisions used by state DOTs to manage transportation projects and maintain regional consistency.

Past bid information including prices, quantities, contractors, and project details used for analysis and prediction.

A graph showing the relationship between two variables, commonly used to visualize quantity vs. unit price relationships.

Infrastructure projects involving the building, maintenance, or improvement of roads, highways, and related transportation facilities.

The official record of all bids submitted for a project, including contractor names, bid amounts, and item-by-item pricing.