What is 'reference price' in SAP SRM-LA - Live Auction?

reference price - Overview

• Component: SRM-LA

• Component Name: Live Auction

• Description: Price reflecting the current market value or historical price paid for a particular object. Used to calculate savings.

reference price - Details

• 
  Key Concepts: 
  Reference price is a feature of the SAP SRM-LA Live Auction component. It is a predetermined price set by the buyer for a particular item or service. This price serves as a benchmark for the auction and is used to determine the winning bid. The reference price is not visible to bidders, but it is used to determine the winning bid. 
  
  How to use it: 
  The reference price can be set by the buyer before the auction begins. This allows the buyer to have an idea of what they are willing to pay for an item or service. The reference price can also be adjusted during the auction if needed. Once the auction has ended, the winning bid will be compared to the reference price and the difference between them will be used to determine the final price of the item or service. 
  
  Tips & Tricks: 
  When setting a reference price, it is important to consider all factors that could affect the final price of an item or service. This includes market conditions, availability of similar items or services, and any other relevant information. It is also important to remember that the reference price is not visible to bidders, so it should not be used as a way to influence bidding behavior. 
  
  Related Information: 
  For more information on SAP SRM-LA Live Auction, please