Cost_Formula-reward_average_cost_for_RFP.docx

This document is an instructional guide on cost formulas used in scoring methodologies for state and local contract opportunities, specifically explaining the "Reward Low Cost" evaluation method. The related contract opportunity is a Statement of Qualifications (SOQ) issued by the City of New Haven, Connecticut, Department of Arts, Culture and Tourism and the Economic Development Administration, seeking an Event Manager for The Boathouse at Canal Dock. The Event Manager position is available to individuals and event management companies as an independent contractor or professional services agreement. The Event Manager will be responsible for event administration, coordination, and record-keeping under City direction.

The cost formula document illustrates how the Reward Low Cost scoring method calculates point values by dividing the lowest proposed cost by each individual proposal's cost to determine the percentage of available points awarded. In the contract opportunity itself, cost will not serve as an evaluation factor during the initial selection phase; instead, the award decision will be based primarily on professional competence and experience. The City anticipates reviewing qualifications and experience of potential candidates and vendors before determining contract terms and pricing structures.