ICE 3 - 3
Amandeep Singh Madaan: 100858751
Kush Patel: 100895818
Roshan Athalye: 100898286
Parth Bhikadiya: 100900606
1.
As Richard Kaplan, how would you set up a reverse auction? Be specific
with respect to visibility (e.g., what the bidders would see during the
auction), length of the auction, policies for extending the length of the
auction and target pricing.
ANS. To set up the reverse auction, I would make sure that bidder
anonymity was maintained, that bidders could see current bids and ranks in
real-time, and that a countdown timer was visible. The length of the auction
would depend on its complexity; it would normally run 30 to 60 minutes with
a 5-minute auto-extension policy for last-minute bids. Target pricing would
be kept secret to promote bidding competition while upholding
predetermined assessment standards.
2.
What policy would you use to award business to suppliers?
ANS. The award criteria and policy would be adjusted to the aims of the
company, the nature of the procurement, and the relevance of different
elements such as cost, quality, and compliance. The objective is to pick
suppliers that provide the highest overall value while being fair and
transparent throughout the process.
3.
How do you think the suppliers will react to your proposal to run a reverse auction? What would you do to convince them to participate?
ANS. Addressing suppliers' concerns and properly conveying the benefits of engaging in a reverse auction can boost their desire to participate in the process, resulting in competitive pricing and value for
your company.
