Intensive price competition and information technology have led to the implementation of a ______________ procurement approach for commodity components.
A) reverse auction
B) progressive
C) standardized
D) staple
E) multiple source

Question

Quizplus · Accepted Answer

A reverse auction allows multiple suppliers to bid on a commodity component, with the lowest bidder being awarded the contract. This approach is often used in situations of intense price competition and can be facilitated by information technology.

Intensive Price Competition and Information Technology Have Led to the Implementation