When an industrial company invites its suppliers to bid online for a contract for one of its components and makes all suppliers' bids visible for the other bidders to see, this is an example of a(n):

Question

Quizplus · Accepted Answer

This scenario describes a reverse auction, where suppliers are given the opportunity to bid against each other for a contract, and all bids are visible to the other bidders. This allows the company to select the supplier offering the best value for the component. None of the other options, such as ISO 9000 analysis or JIT analysis, directly apply to this situation.

When an Industrial Company Invites Its Suppliers to Bid Online