Contract Procurement

Gaming
The process of two or more participants attempting to reach conflicting objectives or goals. The process of bidding for contracts is a game. Logically, each participant would bid estimated costs plus some amount for profit. Since only one contract would be awarded, the outcome depends jointly on the actions of all bidders.

Accounting Terms Lexicon

Discover comprehensive accounting definitions and practical insights. Empowering students and professionals with clear and concise explanations for a better understanding of financial terms.