Share
Explore BrainMass

Define the term reverse auction

Define the term reverse auction, and list three ways that procurement through a reverse auction would benefit an organization.

Solution Preview

Solution:
Reverse auction refers to an auction in which two or more sellers put their items up for bidding and complete for the price with which a buyer offers to accept. In other words, the buyer puts up a single price or range of prices and lets sellers bid for that price or price range. In reverse auction, the buyer may have an ...

$2.19