The process of involving the designing and inviting the proposal or tender with completive bidding pricing & the study of all the tender document work is called tender management or bid management.
When does Tender Management Start?
The tender starts when an appropriate Invitation To Tender (ITT) has been identified. The ITT is a formal document that is published by a purchasing company in order to notify other companies that bid for a piece of work, project or service are required. There is always a fixed deadline that the tenders must be returned by and this makes bid management very time-dependent. It all adds to the stress of the entire process.
A tender is the form of notice inviting by the client to the contractor for the proper execution of work which is proposed by the client.