Performing Price Analysis Term Paper

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Price Analysis

When individuals or organizations purchase goods or services there is generally some kind of price analysis performed whether it be a formal process or an informal one that is simply based on some heuristic. Some of the different price analysis techniques include (Woods Hole Oceanographic Institution, N.d.):

Comparison of Competitive Bids

Comparison of Prior Quotations

Comparison of Published Price List

Prices Set by Law or Regulation

Similar Item Comparison

Rough Yardstick Comparison

Cost Plus Pricing

Each technique has different advantages and limitations.

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For example, using a rough yardstick approach is simple and quick however does not provide an accurate analysis in most cases.

If I were limited to one type of pricing analysis to use for the rest of my life, I believe I would have to choose the comparison of competitive bids. By utilizing competition, you can ensure that you are not being overly charged high rates because if a single firm was price gouging, then another firm would undercut their price. If….....

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