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Excel Tutorials / Bid Comparison Sheet with INDEX/MATCH
ESTIMATING

Bid Comparison Sheet with INDEX/MATCH

10 min read · Template referenced below

When three or four subs bid the same scope, comparing PDFs side by side is slow and error-prone. A structured comparison sheet turns that into a two-minute read.

1
Set up rows and columns.
Rows = line items (e.g. "Rough plumbing," "Electrical rough-in"). Columns = one per bidder, each with their quoted price for that line item.
2
Find the lowest bid per line item.
=MIN(B2:E2) returns the lowest price across all bidders for that row.
3
Identify which bidder submitted it.
=INDEX($B$1:$E$1,MATCH(MIN(B2:E2),B2:E2,0)) looks up which bidder's column matches the lowest price and returns their name — no manual scanning required.
4
Highlight the lowest price automatically.
Select the bid columns, then Conditional Formatting → New Rule → "Use a formula": =B2=MIN($B2:$E2), and set a green fill. Every lowest bid highlights itself as you enter new numbers.
5
Total each bidder's overall package.
=SUM(B2:B20) per bidder column shows total bid price — useful since the lowest bidder line-by-line isn't always the lowest overall.
Keep a separate "Notes" column per line item for scope clarifications or exclusions a bidder mentioned — the lowest number on paper isn't always the same scope as everyone else's.

This turns bid leveling from a multi-hour manual comparison into something that updates itself the moment a late bid comes in.

Worked example: three bidders, three line items

Line itemBidder ABidder BBidder CLowest
Rough plumbing$18,500$17,900$19,200B
Electrical rough-in$22,400$23,100$21,800C
Fixtures$9,800$9,200$9,500B
Total$50,700$50,200$50,500B

Bidder B is lowest on two of three lines and lowest overall, but only by $300 over Bidder C. If Bidder C's number includes permit fees that B excluded, the real ranking could change. That is exactly why the Notes column matters.

Leveling the bids properly

  • Add an adjustment row for each bidder's exclusions, such as permits, temporary power or disposal, and add your estimated cost for those items to get an apples-to-apples total.
  • Leave no-bid cells empty. MIN ignores blank cells but treats a typed 0 as the lowest price. If a bidder skips a line, leave it blank, not 0.
  • Use exact match. The 0 at the end of MATCH(...,0) forces an exact match. Leaving it out can return the wrong bidder.
  • Check for ties. If two bidders have the same price, MATCH returns the first one only, so look at the rest of the row before drawing conclusions.

Frequently asked questions

Should I always pick the lowest bidder?

Not automatically. Price is one factor, along with scope completeness, schedule, references and the bidder's current workload. The sheet is a decision aid, not the decision.

Can I use XLOOKUP instead of INDEX/MATCH?

In Excel 2021 or Microsoft 365, yes: =XLOOKUP(MIN(B2:E2),B2:E2,$B$1:$E$1). INDEX/MATCH works in every version, which matters if you share files with subs on older Excel.

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