Why is it important to carry out vendor bid analysis for any cost estimates received?

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Why is it important to carry out vendor bid analysis for any cost estimates received?

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It is important to carry out vendor bid analysis for any cost estimates received to ensure that the estimate received is with in an expected range, neither too high nor too low.

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It helps to estimate cost based on the value of the Bid submitted by the Vendors. Later, detail cost information is available once after finalizing the seller, and made agreements.

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