A major cost in the purchasing function is the number of purchase orders processed.One technique that may reduce purchasing-related expenses is to have suppliers compete with each other to meet demand at the lowest price.This name of this technique is

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The technique described in the question is a reverse auction, where suppliers bid against each other to win the business at the lowest price. This can help reduce purchasing costs by driving competitive pricing and providing the buyer with the best value for their budget. EDI auctions, trading exchanges, and supplier consortia are all related but different procurement strategies.

A Major Cost in the Purchasing Function Is the Number