What is 'bid value' in SAP SRM-LA - Live Auction?

bid value - Overview

• Component: SRM-LA

• Component Name: Live Auction

• Description: The product of multiplying the bid price by the quantity and dividing by the price unit. Bid value = price * quantity / price unit

bid value - Details

• 
  Key Concepts: 
  Bid Value is a feature of SAP SRM-LA Live Auction that allows buyers to submit bids for goods or services. The bid value is the amount of money the buyer is willing to pay for the item. The highest bid value submitted by a buyer will be accepted as the winning bid. 
  
  How to use it: 
  In order to use the Bid Value feature, buyers must first register for an auction. Once registered, buyers can submit bids for items they are interested in. The bid value must be higher than the current highest bid in order to be accepted. Once a bid is accepted, it cannot be changed or retracted. 
  
  Tips & Tricks: 
  It is important to remember that the highest bid value submitted by a buyer will be accepted as the winning bid. Therefore, it is important to submit a bid that is higher than any other bids submitted by other buyers. Additionally, it is important to remember that once a bid is accepted, it cannot be changed or retracted. 
  
  Related Information: 
  For more information about SAP SRM-LA Live Auction and Bid Value, please visit the SAP website at https://www.sap.com/products/srm-la-live-auction.html.