{"id":1382,"date":"2019-05-17T17:49:09","date_gmt":"2019-05-17T07:49:09","guid":{"rendered":"https:\/\/comprara.com.au\/procurement-glossary\/auction\/"},"modified":"2020-07-22T03:01:34","modified_gmt":"2020-07-22T03:01:34","slug":"auction","status":"publish","type":"glossary","link":"https:\/\/www.comprara.com.au\/procurement-glossary\/auction\/","title":{"rendered":"Auction"},"content":{"rendered":"<p>An auction is the process of buying and selling goods or services by inviting competing bids from a number of participants. Competing participants in an auction may or may not know the identities or actions of other competitors. Forward auctions involve buyers submitting competing bids, with the <a class=\"glossaryLink\" aria-describedby=\"tt\" data-cmtooltip=\"&lt;div class=glossaryItemTitle&gt;Price&lt;\/div&gt;&lt;div class=glossaryItemBody&gt;Price is the monetary sum exchanged for goods and services.  Price levels are an outcome of competitive processes, such as the levels of supply and demand in the market.  In procurement, most buyers are measured on the &#x2018;hard dollar&#x2019; savings that they make, and so have a keen interest in optimising price.  Most total cost models demonstrate that purchase price, while not the only component of total cost, is a key part of the total cost of most categories, and so procurement practitioners will focus on price as one procurement goal. The definition of &#x2018;best value&#x2019; in most categories includes both quantitative and qualitative elements, such as quality, service and performance times, as well as price and other commercial terms.  Like total cost, best value is a difficult concept to measure and validate accurately, as price is easier to measure and an important component of both value and total cost, price remains an important focus for most procurement processes.  See also Competition. .&amp;lt;br\/&amp;gt;&lt;\/div&gt;\" href=\"https:\/\/www.comprara.com.au\/procurement-glossary\/price\/\" data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]'>price<\/a> typically increasing during the auction. Reverse auctions involve sellers submitting competing bids, with the bids usually decreasing during the auction. Online reverse auctions are a common tool for <a class=\"glossaryLink\" aria-describedby=\"tt\" data-cmtooltip=\"&lt;div class=glossaryItemTitle&gt;Procurement&lt;\/div&gt;&lt;div class=glossaryItemBody&gt;Procurement describes all those processes concerned with developing and implementing strategies to manage an organisation&#x2019;s spend portfolio in such a way as to contribute to the organisation&#x2019;s overall goals and to maximise the value released and\/or minimise the total cost of ownership. Procurement is a more comprehensive term than purchasing, which is more focused on the tactical acquisition of goods and services and the execution of plans rather than the development of strategies. Procurement can be a department, a role and\/or a process. As a process, procurement begins with the review of the spend portfolio and the development of an opportunity analysis. Once categories are defined, the procurement process involves identifying and engaging with potential stakeholders, defining business needs and preparing a business case. Once the market has been reviewed, a reconciliation of the business need and the supply market character ensures that appropriate procurement strategies are developed. Strategies may involve insourcing, outsourcing, competitive bidding, direct negotiation, and a variety of other sourcing strategies. Once the strategy is developed, the execution will involve market engagement and the issue of the RFI and the RFP and\/or negotiation. Once offers are evaluated, the optimum solution will be selected and the appropriate contractual agreement established. Procurement differs from sourcing in that the procurement process addresses all pre-contract and post-contract processes. Supplier relationship management, performance management and supplier development are key procurement activities to realise the potential value created during the sourcing phase. Procurement as a full-time role is a specialised job requiring a range of skills and capabilities. Traditional analytical capability is helpful to undertake spend analysis and evaluate offers, but the ability to understand and interact with supply markets is just as important. In terms of interpersonal skills, influencing skills and facilitation skills are just as important as negotiation skills. As an organisation, procurement structures vary with the culture and structure of the host organisation. Many organisations have a centre-led structure with a small central team setting policy and standards and coordinating activity, which is primarily undertaken in the spending departments.The following table seeks to distinguish between commonly used labels for procurement-related processes. While there are no universally accepted standards, most people agree that vendor management applies to post-award processes (though some vendor managers do manage the end-to-end process apart from market engagement). Similarly, sourcing involves all those processes up to the award of the contract. In Europe and Asia, the term &#x2018;purchasing&#x2019; is used to describe transactional processes such as raising purchase orders and reconciling invoices. However, in North America the term &#x2018;purchasing&#x2019; is sometimes used to describe the whole procurement process. The procurement process in North America usually begins with the review of an organisation&#x2019;s spend portfolio, and the development of appropriate strategies, and proceeds right the way through to the review of procurement arrangements and the disposal of goods at the end of their life. Some category managers are not full-time procurement staff but functional practitioners who also undertake business planning for that discipline. For example, a company counsel may be the category manager for legal services, but also plan the size and shape of the organisation&#x2019;s legal services. Police officers with special responsibility for firearms may be the category manager for weapons. In such cases, category management will not only comprise the application of the procurement process to a specific category, but may include elements of business planning as well. See also Category Management and Purchasing.Procurement Essentials and Facilitating the Procurement Process training is available at Academy of Procurement.&lt;\/div&gt;\" href=\"https:\/\/www.comprara.com.au\/procurement-glossary\/procurement\/\" data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]'>procurement<\/a> practitioners seeking to harness competitive tension for relatively undifferentiated categories. Some platforms allow the <a class=\"glossaryLink\" aria-describedby=\"tt\" data-cmtooltip=\"&lt;div class=glossaryItemTitle&gt;Buyer&lt;\/div&gt;&lt;div class=glossaryItemBody&gt;The label &#x2018;buyer&#x2019; is used generically to describe the organisational role of someone whose job involves acquiring goods and\/or services on behalf of others.  The term is commonly used to describe retail buyers, whose role is often broad with an emphasis on the entrepreneurial ability to see opportunities and specify what is purchased for subsequent resale.  Organisational buyers typically have job titles such as purchasing, procurement, sourcing or category manager and typically acquire goods and services for consumption within their own organisation, not for resale.&amp;lt;br\/&amp;gt;&lt;\/div&gt;\" href=\"https:\/\/www.comprara.com.au\/procurement-glossary\/buyer\/\" data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]'>buyer<\/a> to evaluate bids against a variety of <a class=\"glossaryLink\" aria-describedby=\"tt\" data-cmtooltip=\"&lt;div class=glossaryItemTitle&gt;Criteria&lt;\/div&gt;&lt;div class=glossaryItemBody&gt;When evaluating offers, weighted factor analysis can be used to assess competing offers against a variety of criteria.  A number of criteria are proposed, usually including cost, quality, time, service and other relevant factors, and each criterion is weighted with a relative weighting to value its importance in the decision-making process.  Offers are then scored against the weighted criteria to identify the best value outcome overall.  See also Evaluation.&amp;lt;br\/&amp;gt;&lt;\/div&gt;\" href=\"https:\/\/www.comprara.com.au\/procurement-glossary\/criteria\/\" data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]'>criteria<\/a> as well as <a class=\"glossaryLink\" aria-describedby=\"tt\" data-cmtooltip=\"&lt;div class=glossaryItemTitle&gt;Price&lt;\/div&gt;&lt;div class=glossaryItemBody&gt;Price is the monetary sum exchanged for goods and services.  Price levels are an outcome of competitive processes, such as the levels of supply and demand in the market.  In procurement, most buyers are measured on the &#x2018;hard dollar&#x2019; savings that they make, and so have a keen interest in optimising price.  Most total cost models demonstrate that purchase price, while not the only component of total cost, is a key part of the total cost of most categories, and so procurement practitioners will focus on price as one procurement goal. The definition of &#x2018;best value&#x2019; in most categories includes both quantitative and qualitative elements, such as quality, service and performance times, as well as price and other commercial terms.  Like total cost, best value is a difficult concept to measure and validate accurately, as price is easier to measure and an important component of both value and total cost, price remains an important focus for most procurement processes.  See also Competition. .&amp;lt;br\/&amp;gt;&lt;\/div&gt;\" href=\"https:\/\/www.comprara.com.au\/procurement-glossary\/price\/\" data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]'>price<\/a>, and bidders may have visibility on the actual prices <a class=\"glossaryLink\" aria-describedby=\"tt\" data-cmtooltip=\"&lt;div class=glossaryItemTitle&gt;Bid&lt;\/div&gt;&lt;div class=glossaryItemBody&gt;The word &#x2018;bid&#x2019; is used generically to describe any proposals and may be used both to describe the buyer&#x2019;s issue of the &#x2018;bid documents&#x2019; to potential bidders and, the actual submission of bids by the respondents.  The term encompasses quotes, proposals, tenders and auction offers.  See also Offer.&amp;lt;br\/&amp;gt;&lt;\/div&gt;\" href=\"https:\/\/www.comprara.com.au\/procurement-glossary\/bid\/\" data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]'>bid<\/a>, or simply the ranking of their <a class=\"glossaryLink\" aria-describedby=\"tt\" data-cmtooltip=\"&lt;div class=glossaryItemTitle&gt;Offer&lt;\/div&gt;&lt;div class=glossaryItemBody&gt;In a legal context an offer is &#x2018;an expression of willingness to contract on certain terms, made with the intention that it shall become binding as soon as it is accepted by the person to whom it is addressed&#x2019;.  Typically suppliers make offers in the form of bids, quotations or tenders, which may then be accepted by the buyer.  The offer defines the terms upon which the supplier is willing to be bound, which normally include price, date of delivery, payment terms and a description of the category.  One of the essential prerequisites for the formation of a contract is the existence of an offer.  See also Contract and Counter Offer.&amp;lt;br\/&amp;gt;&lt;\/div&gt;\" href=\"https:\/\/www.comprara.com.au\/procurement-glossary\/offer\/\" data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]'>offer<\/a> in terms of competitiveness against the other bids received by the <a class=\"glossaryLink\" aria-describedby=\"tt\" data-cmtooltip=\"&lt;div class=glossaryItemTitle&gt;Buyer&lt;\/div&gt;&lt;div class=glossaryItemBody&gt;The label &#x2018;buyer&#x2019; is used generically to describe the organisational role of someone whose job involves acquiring goods and\/or services on behalf of others.  The term is commonly used to describe retail buyers, whose role is often broad with an emphasis on the entrepreneurial ability to see opportunities and specify what is purchased for subsequent resale.  Organisational buyers typically have job titles such as purchasing, procurement, sourcing or category manager and typically acquire goods and services for consumption within their own organisation, not for resale.&amp;lt;br\/&amp;gt;&lt;\/div&gt;\" href=\"https:\/\/www.comprara.com.au\/procurement-glossary\/buyer\/\" data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]'>buyer<\/a>. See also <a class=\"glossaryLink\" aria-describedby=\"tt\" data-cmtooltip=\"&lt;div class=glossaryItemTitle&gt;Auction, Dutch&lt;\/div&gt;&lt;div class=glossaryItemBody&gt;In this type of auction the sale commences at a high price and the price is then progressively lowered until a competitor bids and in doing so indicates that they are prepared to buy at that level.  That bidder is then said to have won the auction and is required to pay the price that has been agreed.  In procurement terms the phrase is sometimes used for the discouraged practice of &amp;#039;price shopping&amp;#039;.  For instance, supplier A quotes a price of $100 and supplier B quotes $105.  The buyer then approaches supplier B and invites them to re-quote in the light of the fact that another supplier has quoted a price of $100.  If supplier B offers a price of $95, the buyer then approaches supplier A, and so on.  This is seen as unprofessional as it involves disclosing confidential information and undermines trust in the relationship.  See also Trust.&amp;lt;br\/&amp;gt;&lt;\/div&gt;\" href=\"https:\/\/www.comprara.com.au\/procurement-glossary\/auction-dutch\/\" data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]'>Auction, Dutch<\/a>.<\/p>\n<p><a href=\"https:\/\/academyofprocurement.com\/intermediate-course\/e-auction-management\/\" target=\"_blank\" rel=\"noopener noreferrer\">E-Auction Management<\/a> <a class=\"glossaryLink\" aria-describedby=\"tt\" data-cmtooltip=\"&lt;div class=glossaryItemTitle&gt;Training&lt;\/div&gt;&lt;div class=glossaryItemBody&gt;The design and delivery of interventions focused on improving the performance of the employee in their current job role.  This contrasts with development interventions, which support the staff member in their future career.&amp;lt;br\/&amp;gt;&lt;\/div&gt;\" href=\"https:\/\/www.comprara.com.au\/procurement-glossary\/training\/\" data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]'>training<\/a> is available at Academy of <a class=\"glossaryLink\" aria-describedby=\"tt\" data-cmtooltip=\"&lt;div class=glossaryItemTitle&gt;Procurement&lt;\/div&gt;&lt;div class=glossaryItemBody&gt;Procurement describes all those processes concerned with developing and implementing strategies to manage an organisation&#x2019;s spend portfolio in such a way as to contribute to the organisation&#x2019;s overall goals and to maximise the value released and\/or minimise the total cost of ownership. Procurement is a more comprehensive term than purchasing, which is more focused on the tactical acquisition of goods and services and the execution of plans rather than the development of strategies. Procurement can be a department, a role and\/or a process. As a process, procurement begins with the review of the spend portfolio and the development of an opportunity analysis. Once categories are defined, the procurement process involves identifying and engaging with potential stakeholders, defining business needs and preparing a business case. Once the market has been reviewed, a reconciliation of the business need and the supply market character ensures that appropriate procurement strategies are developed. Strategies may involve insourcing, outsourcing, competitive bidding, direct negotiation, and a variety of other sourcing strategies. Once the strategy is developed, the execution will involve market engagement and the issue of the RFI and the RFP and\/or negotiation. Once offers are evaluated, the optimum solution will be selected and the appropriate contractual agreement established. Procurement differs from sourcing in that the procurement process addresses all pre-contract and post-contract processes. Supplier relationship management, performance management and supplier development are key procurement activities to realise the potential value created during the sourcing phase. Procurement as a full-time role is a specialised job requiring a range of skills and capabilities. Traditional analytical capability is helpful to undertake spend analysis and evaluate offers, but the ability to understand and interact with supply markets is just as important. In terms of interpersonal skills, influencing skills and facilitation skills are just as important as negotiation skills. As an organisation, procurement structures vary with the culture and structure of the host organisation. Many organisations have a centre-led structure with a small central team setting policy and standards and coordinating activity, which is primarily undertaken in the spending departments.The following table seeks to distinguish between commonly used labels for procurement-related processes. While there are no universally accepted standards, most people agree that vendor management applies to post-award processes (though some vendor managers do manage the end-to-end process apart from market engagement). Similarly, sourcing involves all those processes up to the award of the contract. In Europe and Asia, the term &#x2018;purchasing&#x2019; is used to describe transactional processes such as raising purchase orders and reconciling invoices. However, in North America the term &#x2018;purchasing&#x2019; is sometimes used to describe the whole procurement process. The procurement process in North America usually begins with the review of an organisation&#x2019;s spend portfolio, and the development of appropriate strategies, and proceeds right the way through to the review of procurement arrangements and the disposal of goods at the end of their life. Some category managers are not full-time procurement staff but functional practitioners who also undertake business planning for that discipline. For example, a company counsel may be the category manager for legal services, but also plan the size and shape of the organisation&#x2019;s legal services. Police officers with special responsibility for firearms may be the category manager for weapons. In such cases, category management will not only comprise the application of the procurement process to a specific category, but may include elements of business planning as well. See also Category Management and Purchasing.Procurement Essentials and Facilitating the Procurement Process training is available at Academy of Procurement.&lt;\/div&gt;\" href=\"https:\/\/www.comprara.com.au\/procurement-glossary\/procurement\/\" data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]'>Procurement<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>An auction is the process of buying and selling goods or services by inviting competing bids from a number of participants. Competing participants in an auction may or may not know the identities or actions of other competitors. Forward auctions involve buyers submitting competing bids, with the price typically increasing&#8230; <br \/><a style=\"color:#00b4cd;\" class=\"excerpt-anchor\" href=\"https:\/\/www.comprara.com.au\/procurement-glossary\/auction\/\">Read more<\/a>.<\/p>\n","protected":false},"author":2,"featured_media":0,"menu_order":0,"template":"","meta":{"_acf_changed":false,"_uag_custom_page_level_css":""},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Auction - Comprara Procurement Glossary<\/title>\n<meta name=\"description\" content=\"Auction: An auction is the process of buying and selling goods or services by inviting competing bids from a number of participants.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.comprara.com.au\/procurement-glossary\/auction\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Auction - 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Competing participants in an auction may or may not know the identities or actions of other competitors. Forward auctions involve buyers submitting competing bids, with the price typically increasing... Read more.","_links":{"self":[{"href":"https:\/\/www.comprara.com.au\/wp-json\/wp\/v2\/glossary\/1382"}],"collection":[{"href":"https:\/\/www.comprara.com.au\/wp-json\/wp\/v2\/glossary"}],"about":[{"href":"https:\/\/www.comprara.com.au\/wp-json\/wp\/v2\/types\/glossary"}],"author":[{"embeddable":true,"href":"https:\/\/www.comprara.com.au\/wp-json\/wp\/v2\/users\/2"}],"version-history":[{"count":0,"href":"https:\/\/www.comprara.com.au\/wp-json\/wp\/v2\/glossary\/1382\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.comprara.com.au\/wp-json\/wp\/v2\/media?parent=1382"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}