Cost_Formula-reward_average_cost_for_RFP.docx

This is a cost formula reference document related to a Connecticut state and local contract opportunity for the design and installation of a unique play structure at Long Wharf Waterfront. The project seeks a distinctive play structure designed for a waterfront location that will serve as a destination for children within the park and be visually prominent from the highway, with consideration given to location, visibility, and use characteristics.

The document outlines the Reward Low Cost scoring methodology, which calculates proposal points by dividing the lowest overall cost by each individual proposal's cost and multiplying the result by the total available points. Under this formula, the lowest-cost proposal receives the maximum points available, while higher-cost proposals receive proportionally fewer points based on their cost relative to the lowest bid. For example, a proposal costing twice as much as the lowest bid receives 50 percent of available points, while a proposal costing five times as much receives 20 percent of available points.