Aggregation refers to an approach to procurement where the procuring party looks to aggregate goods and services (perhaps collaborating with other parties) so as to seek a better...
A step by step mathematical process.
John McCarthy of Stanford answered this in detail and we provide a summary of questions and answers that help define what is meant by artificial intelligence. Q. What...
An auction is a process for buying goods and services where bids are required.
On the completion of a successful tender an award is made to the winning supplier.
A bid is a price offered by a participant in an auction.
It is a fraudulent form of bidding where a number of parties collude by agreeing on a winner (rather than letting the market determine the winner). Other parties...
Entering prices and discounts into a system.
Individual contracts can be awarded within the context of a framework agreement.
It is an explicit agreement amongst firms that would otherwise be in competition. It typically occurs in market structures where duopolies or oligopolies are prevalent.