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As the construction market environment becomes more intensive and the medium-sized construction firms(MS firms) are less competitive, the firm need to set up their own bidding strategy. In order to establish a successful bidding strategy, they need to develop a model that can support bidding decision-making reasonably and systematically. A number of literatures related to the utility theory and the bidding decision-making factor were reviewed to develop the fundamental framework on the bidding decision-making. A questionnaire survey was performed for collecting and analyzing the senior manager knowledge and opinion on the problem and the factor of bidding decision-making. Based on the survey results, the study proposes a better procedure to induce reasonable bidding decision for the MS firms. In addition, the study suggests a model that can compute appropriate mark-up level for construction project using utility function. It is expected that the model would help the firm's senior management in identifying the mark-up in terms of the value(utility) for construction project.