A major method of procuring goods and services in the buy-side model is the ______ auction.
A) Backward
B) Forward
C) Onward
D) Reverse

Question

Quizplus · Accepted Answer

The reverse auction is a common method used in the buy-side model, where suppliers compete against each other to win the bid by offering lower prices for the goods or services. This type of auction starts with a high price and gradually decreases until the supplier with the lowest bid is selected to provide the goods or services. It is an effective way to obtain the best value for the buyer while allowing suppliers to compete fairly.

A Major Method of Procuring Goods and Services in the Buy-Side