Finance
Tech Troth Team , ,
A Tender: What Is It? An Explanation of Tender Definition

A tender is a formal, structured procedure for obtaining products or services. It is often referred to as an invitation to tender, a request for tender, or a bid. Depending on the buyer’s preferences and the amount of information needed to make an educated contract award, a tender can take many different shapes and sizes. Price and quality are often the two criteria used to evaluate bidders in a tender. Below is a summary of the four primary categories of tender exercises:

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Categories of Bids:

All interested suppliers or contractors that satisfy the pre-qualification requirements may submit an open tender. It is made available to the public on websites like Contracts Finder, where qualified bidders can make their offers.

Restricted tender: Only a particular set of vendors or contractors are asked to submit bids in a restricted tender. A shortlisting procedure or pre-qualification standards determine who gets invited.

Single-stage tender: A single step is involved in the procurement process in a single-stage tender. In response to the tender advertisement, bidders send in both their technical and commercial offers at the same time.

Negotiated tender: In a negotiated tender, the buyer and one or more contractors or suppliers have direct talks. This kind of tender is typically used for complicated or specialized projects when the buyer needs input from possible bidders throughout the bidding process or is looking for customized solutions.

Tendering from the Perspective of the Purchaser:

A contract notice will be released to the market by the buyer (housing authority, local council, central government agency, etc.) who is in need of the products or services. The scope, range, value, location, and other contract terms of the works or services are often included in this so that bidders may comprehend the job in issue and determine whether it is appropriate for their firm.

The buyer must legally make a call for bids if they are in the public sector and the contract exceeds a certain amount. Occasionally, a purchasing consortium made up of many agencies will release a call for bids using a framework agreement or dynamic purchasing mechanism. Similar to a cooperative, they hope to obtain greater value for their money from their providers of products and services by pooling their resources and announcing a big contract. In addition to a standardized pre-qualification questionnaire and particular information contained in the tender papers that broadly include a pricing and quality aspect, the buyer will request expressions of interest from prospective bidders.

The Bidder’s Perspective on Tendering:

From the perspective of a bidder, what is a tender? In essence, bids for the live contract opportunity will be submitted by your company and other possible suppliers, serving as applications to do works. Due to non-compliance or failure to fulfill minimal requirements, some bidders will be excluded at the first round. Others will move on to the pre-qualification stage, which evaluates skills and experience. A smaller number of bidders will be required to submit the whole tender response documents. One supplier (or more, if the contract is a framework) will be chosen to get the contract once the buyer has assessed the tender submissions. We call this procedure of bidding.

Usually, when an organization wants to submit a proposal for a contract, it comes to Executive Compass in order to finish a live tender. Services could include building an office utilizing modular units, providing home care services, or maintaining a housing association’s grounds. Organizations may opt to outsource the process of preparing a bid for a variety of reasons, including insufficient resources, a lack of expertise with bidding, or a restricted ability to finish the job internally. We are quite skilled at responding to open tenders and meeting strict, non-negotiable deadlines, often within five to six weeks.

The Procedure for a Tender

As previously mentioned, a tender is the word used in commerce to describe an invitation to bid issued by governments and other groups for contracts. For projects or purchases, the majority of institutions have a clearly defined tendering procedure. Additionally, particular procedures are in place to control the vendor’s opening, assessment, and ultimate selection. This guarantees a transparent and equitable selection procedure.

An official, organized call to submit competitive bids for the delivery of goods, services, or raw materials is known as a request for tenders. Laws were made to regulate the procedure since it is public and open, guaranteeing fair competition among bidders.

For instance, nepotism and bribery could proliferate in the absence of legislation. Potential bidders can access a variety of commercial and public tenders through the tender services. These services include drafting appropriate bids, managing the procedure to meet deadlines, and guaranteeing adherence to relevant legal requirements.

Comparing Competitive and Non-Competitive Tenders

The two approaches governments take to selling government securities are referred to as competitive tender and non-competitive tender. Treasury securities, including bonds, bills, and notes, are sold by the US government to raise money for various government initiatives. Typical purchasers of government securities include individuals, commercial banks, businesses, pension funds, brokers, and dealers. Buyers will get a predetermined interest payment and the government’s guarantee of full repayment at maturity in return for investing in these securities.

Investors have two options for acquiring government securities: non-competitive tenders and competitive tenders. In a competitive tender, freshly issued government securities are purchased by major institutional buyers through a bidding procedure. In an auction, these institutional investors bid against each other to acquire the securities. The highest-bidding investor will win the auction and be able to buy the security at the winning bid.

Government securities are bought by smaller, non-institutional investors in a non-competitive tender process. Large institutional investors decide the price for these securities during the competitive tender. For instance, the U.S. Treasury will use the winning offer to determine the assets’ fair market value (FMV) when it holds securities auctions for sizable institutional investors. The price that smaller investors will pay during the non-competitive tender will subsequently be determined using this value.

Tourism
Tech Troth Team , , ,
Umrah: What is it? The explanation of the Islamic pilgrimage

Due to coronavirus fears, Saudi Arabia has temporarily banned its citizens and residents from making the Umrah pilgrimage to the holy sites of Mecca and Medina. Middle East Eye explains the purpose of this lesser-known journey.

Read More: Umra Organisation

What does Umrah mean?

The term “Umrah” refers to a modified form of the yearly Hajj pilgrimage to Mecca. In Arabic, “Umrah” implies “visiting a populated place.”

Muslims have the chance to renew their faith, ask for forgiveness, and provide needs-based prayers during Umrah. It is stated that the person who does it gets absolved of their sins.

What are the primary distinctions between the Hajj and Umrah?

While Hajj is required for those who can afford it and are in good physical health, Umrah is optional.

One of the five pillars of Islam is the Hajj, which Muslims who are able to do so must carry out at least once in their lives.

While Umrah may be done all year round, Hajj can only be done within a certain window of time, from the eighth to the thirteenth of Dhul Hijah, the final month in the Islamic lunar calendar.

Depending on its level of traffic, Umrah can be finished in less than two hours, making it akin to a spiritual “quick-fix.” The Hajj is a multi-day, more intensive experience.

With about two million pilgrims from over 188 nations participating in the Hajj each year, it is one of the biggest yearly gatherings of people in the world. The Umrah, sometimes referred to as the “smaller” pilgrimage, is likely undertaken by several million pilgrims annually since it is less expensive and takes less time to complete.

The Kaaba, a black-boxed edifice housed in the expansive Masjid al-Haraam mosque complex in Mecca, serves as the focal focus of both pilgrimages. Regardless matter where they are in the globe, Muslims face the Kaaba when they conduct their five daily prayers.

Although there is a more detailed set of rites anticipated during Hajj, both Umrah and Hajj share the same fundamental set of devotional deeds.

What is the pilgrim’s route to Umrah?

Usually arriving by plane, worshippers from outside Saudi Arabia must apply for a unique Umrah visa, which has a one-month validity. In addition, they need to have the appropriate documentation attesting to their meningitis vaccine.

Automobile travelers from nearby nations are permitted to traverse borders, but they will also require a visa.

No particular documentation is required for Saudi nationals or those who are currently residing and employed in the nation.

Muslims of all ages are eligible to undertake the Hajj and Umrah, and there are no limits on the number of times a person may do so in their lifetime.

However, ladies under 45 need to be accompanied by a male relative or family member (mahram) who is at least 17 years old. Without a mahram, women over 45 are allowed to travel in tour groups.

There are several hotels in the area surrounding the Masjid al-Haraam complex, ranging in price from inexpensive to luxurious.

Anticipating pilgrims’ arrival, most hotels provide a complimentary shuttle bus service to the holy site for those staying further away.

When is the pilgrimage period for Umrah?

With the exception of the five days when Hajj occurs, it can be done at any time of the year.

The majority of pilgrims go either during the holy month of Ramadan or the two holy Islamic lunar months that precede it, Rajab and Sha’ban.

Muslims think that during these holy months, when there is also a bigger reward for acts of worship, there is more mercy and acceptance of petitions.

Does Umrah follow any rules?

A pilgrim must be in a condition of Ihraam, which is Arabic meaning “forbidden” and comes from the term harama.

The name reflects the idea that travelers must achieve a spiritual condition of nearly human perfection during the Umrah (and Hajj). There cannot be argumentation, swearing, or foul language. No animal can suffer damage; in fact, killing an insect breaks the condition of Ihraam and renders Umrah invalid.

Pilgrims are not allowed to apply makeup or perfume, trim their nails, shave, pluck, or cut any hair, or use any other items. Islamic law states that doing any of these would render Ihraam void.

The next stage is for them to publicly declare their desire to perform Umrah. This is often carried out upon arriving at the Meeqat, which is the point of entrance into Mecca where the Ihraam is observed. Following a prayer, the pilgrims are obliged to abide by the aforementioned guidelines till the end of their journey.

Online games
Tech Troth Team , , , ,
Sports Analytics: What Is It? (Explanation, Significance, and Advice)

For any sports enthusiast, a career in sports analysis may be very fulfilling. Data is used by sports analysts to improve the performance of sports teams and sports enterprises. Determining if a career in sports analysis interests you might be aided by learning about the duties and credentials of sports analysts. This article explains what a sports analyst is, goes over what they do, discusses the value of sports analytics, talks about their working environment, including requirements for training and pay, and gives you advice on how to become one.

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Sports analytics: what is it?

The study of sports statistics, encompassing elements like player performance, business processes, and recruiting, is known as sports analytics. Teams and individuals competing in competitions as well as sports companies can benefit from the data. The application of statistical and mathematical principles to sports is known as sports analytics. On-field and off-field analytics are the two categories. On-field analytics improve players’ and coaches’ effectiveness by highlighting their tactics and physical condition. Off-field analytics employs statistics to help sport entities’ owners make decisions that will boost their company’s development and profitability.

What makes sports analytics significant?

Technological advancements have made it easier and more comprehensive to collect data, which has sparked advances in machine learning and data analytics. This supports sports businesses in their marketing efforts to grow their fan base and boost revenue from goods sales. They may also play simulation games based on matches they haven’t yet played and get sponsorships thanks to it.

Data analysis aids sports organizations in assessing the recruiting needs essential to raise team performance as well as the players’ performance. Additionally, it assesses the challenger’s strong and weak points, enabling coaches to choose the best course of action. Utilizing data ensures excellent returns on investments, lowers operational expenses, and boosts revenue.

What do analysts of sports data do?

Sports data analysts gather, evaluate, and disseminate information to coaches, team management, and individual players so they may utilize it to guide their decisions either before or during contests. There are two groups into which these responsibilities fall. The first is business, where data is utilized to enhance a sports team’s or organization’s performance. The second category addresses entertainment and gives fans information on athletes that they are interested in knowing.

Where do analysts of sports work?

Sports analysts use their expertise in a variety of setups, such as:

College and professional sports initiatives

Analyzing data is crucial in all sports. Analysts practice these skills to improve team performance by assisting teams in extracting useful information from the data. Analysts evaluate each player’s performance using their own statistics and utilize that information to decide how best to deploy them on their squad. Additionally, they offer data that aids in the recruiting of athletes and diet plans designed to optimize their abilities. Sports analysts utilize data to boost ticket and item sales, enhance fan involvement, and boost profitability.

Sports media businesses

Sports media sources are using data analytics more often to help with their reporting on the game. Sports analytics are used by sports media firms to improve sports reporting, engage fans, and raise the level of entertainment value that the media provides. This information on sporting events and results is prepared by data analysts, allowing viewers to appreciate an athlete’s performance or the result of a game.

Wearable tech businesses

Sports analysts are vital to wearable tech firms since they aid in the development of high-quality goods. These businesses get a great deal of information from athletes. Sports analysts are in charge of examining this data to produce targeted insights that the business can utilize to create high-performing goods.

Educating tech businesses

Technology is being developed more and more to help athletes perform better. Manufacturers of virtual reality equipment and simulators are training technology firms. To make sure these gadgets are correct, they hire sports experts. To achieve this, sports analysts use various game situations and simulations. The coaches and staff can devise a variety of tactical strategies for various game-related scenarios with the aid of the simulations.

Labs for human performance

Businesses use sports analysts to help players perform better. They gather and examine each athlete’s training data. After doing a data analysis, they create effective training plans to raise employee performance.

The sports betting sector

Another industry that has grown as a result of sports analytics is sports gambling. Sports analysts are employed by bookmakers and sports websites, who utilize statistics to forecast the results of games. On behalf of their clients, they employ their expertise to identify value in wagers.

Technology
Tech Troth Team , ,
A customer data platform: what is it? An explanation of CDPs

A Customer Data Platform (CDP) is a software application designed to aggregate information from many technologies into a unified customer database. This database includes details on all customer interactions and touchpoints with your product or service. Then, using almost infinite segments, that database may be used to construct more specialized marketing campaigns.

Read More: Customer Data Platform

Knowing what a CDP performs

Giving an example is the greatest method to convey this. Assume a business is attempting to learn more about its clients. Data from contact points such as Facebook, the corporate website, email, and any other location a client may engage with the business would be gathered via their CDP. All of those data points will be gathered by the CDP, which will then combine them into a single consumer profile that is simple to comprehend and accessible to other systems that may require it, such as the Facebook advertising platform.

Through this procedure, the business may employ segmentation to develop more individualized marketing efforts and gain a deeper understanding of their target demographic. With the help of their live chat function and everyone who has visited a certain page on their website, the business could simply build an advertising audience. Alternatively, data on site visitors who have abandoned their carts might be swiftly segmented and viewed.

That’s one of the methods via which Drift develops customized marketing strategies. They employ Personas from Segment to assist with three tasks:

Identity resolution creates a single customer perspective for every user by combining their past use across all platforms and channels.

Building traits and audiences: This process aggregates data to create audiences and attributes for every client, taking into consideration who has expressed intent and how it ties into overall account activity.

Activation – Coordinates tailored, real-time outbound communications by pushing their user- and account-level audiences to various technologies inside their stack.

What’s the difference between CDP, DMP, and CRM, and which do you need?

It is imperative to comprehend that while CDPs manage client data, they are distinct software applications from Data Management Platforms (DMPs). DMPs are only useful for advertising; they cannot assist you in customizing your own marketing.

Instead of gathering behavioral data on how customers engage with your product or service, Customer Relationship Management (CRM) providers assist firms in organizing and managing customer-facing interactions (that’s where CDPs come in).

The information included in a CDP

For CDPs to work, consumer data is required. This customer data is typically provided by CDPs as first-party data, which is information gathered by a business and utilized only for that business’s marketing.

Third-party data is user information that corporations buy and/or share with other companies, as opposed to first-party data, which is information obtained directly from the client.

The most common uses of third-party data are for advertising targeting, website personalization for new users, and app monetization without the need for additional income streams. It’s challenging to ascertain whether third-party data was gathered with consent given how frequently it changes hands.

That is less likely to happen with first-party data as you will be fully aware of the how, when, where, and why behind the data collection. While assessing the accuracy of the data, they are crucial questions to have the answers to.

A process known as customer data integration is how CDPs take your first-party data and turn it into something you can utilize. With this kind of data integration, data and identifiers from several databases are combined into a form that may be used for more in-depth research.

You must comprehend consumer data and how CDPs use it if you want to use one. You’ll be able to maximize the value of your consumer data in this way. To assist you in learning more about best practices for customer data, we have compiled a list of resources.