Two critical decisions faced by bidders in competitive bidding include, firstly, whether or not to submit a bid, and secondly (if the answer to the first is 'yes') what markup value should be used on the submitted bid. In the construction industry, government agencies and private sector clients typically adopt competitive bidding to determine contract awards. Contractors also apply the same approach to bidding decisions. There are many variables that affect contractor decisions regarding whether to bid and the markup scale, which complicate the bidding decision process. This study proposes a Multi-Criteria Prospect Model for Bidding Decision (BD-MCPM) to assist contractors to make decisions on bid/no bid and markup scale. Key factors of influence that impact bidding decisions were identified first. Second, Fuzzy Preference Relations (FPR) was employed to assess factor weights and determine bid/no bid. Finally, if a decision to bid is given, then the Multi-Criteria Prospect Model (MCPM), which links Fuzzy Preference Relations (FPR) and Cumulative Prospect Theory (CPT), is deployed to determine the markup scale that best conforms to primary decision maker (PDM) preferences. The applicability of this model was demonstrated in a real case study.