Bid evaluation is the process of assessing proposals submitted by vendors or contractors in response to a request for proposals (RFP). This evaluation helps organizations determine which bid best meets their needs based on criteria such as cost, quality, and delivery time. During bid evaluation, a team reviews each submission, often using a scoring system to compare the strengths and weaknesses of each bid. Factors like compliance with requirements and the vendor's experience are also considered. The goal is to select the most suitable option that offers the best value for the organization while minimizing risks.