Auctions

CIOP online sessions are conducted in a well-organized manner. The online sessions are conducted on Saturdays, between 7:00 PM and 10:00 PM (Indian Standard Time). There will be two breaks during the session. First break at 8:00 PM for 15 minutes and the second break at 9:00 PM for 10 minutes. The participants will join the program through the link sent to them well in advance and they get reminder notifications. First reminder a day before the session and the second reminder one-hour before the session. The participants will be able to see the presentation and the writings of the faculty at the same time. The faculty delivers the program through a smart board and the participants will be able to access both the presentation used by the faculty and his notes at the ends of the session through Fhyzics’ Learning Management System (LMS).

In today's economic climate, it is becoming increasingly difficult for companies to find items or goods that are not only desirable, but also within their budget. As a result, many organizations are forced to turn to auctions in order to find the products they need, whether those products are used 

surplus, or brand new. In fact, auctions are becoming an increasingly important and popular part of supply chain management. Supply chain management refers to the management of the flow of goods through a supply chain from inception until final delivery. Auctioning allows companies to accelerate the rate at which certain processes occur, thereby improving overall business performance.

Auctioning involves both the purchasing and distribution of inventory; however, auctioning occurs first, during the discovery process when inventory demand information is first assessed. Reverse auctions take place after the initial discovery, where buyers pay the lowest prices for available goods, and eliminate any excess inventory. The former approach is often criticized for undermining long term relationships between buyers and suppliers, as well as increasing inventory cost due to oversupply.

Auction scheduling is typically used in supply chain that deals with long term contracts. Supply chains typically include manufacturers, distributors, assemblers, and retail stores that provide goods to the end users. Long term contract arrangements between these entities are intended to fulfill future demands, and inventory demand forecasting provides businesses with a realistic picture of how much and how fast they will need to fill orders. By using supply chain modeling, businesses can better plan for current and future needs and improve overall profitability.

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