To determine the bidding prices in Engineering-Procurement-Construction (EPC) projects, where contract prices are fixed, the contractor needs to consider the accuracy of estimated project cost under the limited engineering Man-Hours (MH) for cost estimation to attain maximum profit from orders. In this paper, we develop an algorithm where, in order to attain maximum profit, bidding prices are determined by allocating MH for cost estimation and adjusting bidding prices simultaneously in

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... tion of the competitive bidding environments, and the cost estimation accuracy under the constraint of the total MH and the deficit risk of each order. Through numerical examples delivered from the algorithm, we show that the developed algorithm is effective for bidding price decision in EPC projects.