Learn about the emerging trends in reverse auctions, along with the key reasons you might want to use them. Also, discover a simple five-step process you can utilize to implement them
- What's the opposite of forward?…If you said backwards, then you're correct.…Give yourself a big pat on the back.…Well, another word for backwards is reverse,…as in reverse auctions.…So what exactly is a reverse auction,…sometimes called an E-auction?…Literally, as the name implies,…the roles of the buyer and seller are reversed.…Usually, in forward auctions,…buyers compete to obtain goods and services…by offering more money,…but in reverse auctions, the sellers, a.k.a. vendors,…compete to obtain the buyer's business…by underbidding each other until the lowest one wins.…
Ultimately, the goal is to drive supplier prices…to the absolute lowest level,…while at the same time meeting your requirements…and expectations.…Reverse auctions are one of the best ways…to efficiently buy standardized items.…Typically, this is done by leveraging technology…to automate the process,…so vendors compete in real time…with minimum human interaction.…You might be wondering how this might look in practice.…Here's a simple five-step process you can use.…
- Defining procurement management
- Identifying the project manager’s role
- Tailoring procurement techniques for your organization
- Dealing with conflicts of interest
- Controlling procurements
- Implementing procurements in six stages
- Rapid procurement
- Reverse auctions
Skill Level Intermediate
Project Management Foundations: Integrationwith Oliver Yarbrough44m 25s Intermediate
Project Management Foundations: Scheduleswith Bonnie Biafore2h 7m Intermediate
Project Management Foundationswith Bonnie Biafore3h 20m Beginner
What to know before watching1m 27s
1. Procurement Management Overview
2. Common Procurement Pitfalls
3. Critical Procurement Success Factors
4. Procurement Management Processes
5. How to Implement Procurements
6. Emerging Trends: Project Procurement Management
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