Process: Manage Dutch auctions

 

Flow

Legend

 

Objective

Dutch auctions trading mechanism.

 

Description

Dutch auctions do not require bidders to set the initial bid price. Instead, the user creating the auction announces a price and asks if any participants will accept it. Usually, the auction starts with a high bid price that is reduced over time until bidders have cleared the inventory.

Every auction is governed by a set of rules that the bidder must read before participating. Auction rules are established during auction creation and include aspects such as these:

• The auction type.
• The product name.
• The quantity available.
• The auction start date and time.
• The conditions under which the auction will end, such as a scheduled end date and time.
• The starting price for each item.
• The current asking price for each item.

If auction rules change during an auction, bidders must reread the rules before submitting or updating bids. Bids submitted prior to a rule change are not affected and may still win the bidding.

 

Features

• Manage Dutch auctions. Includes creating, modifying, closing, and retracting Dutch Auctions
• Manage bids includes customers creating bids, scheduler finalizing auctions and selecting winning bids and scheduler creating orders for winning bids.

 

Edition

Professional, Enterprise, Express

 

Subprocesses

• Close auction
• Create Dutch auction
• Place order for a winning bid
• Submit bids for Dutch auction

 

Business artifacts

• Auction started notification
• Current auction
• Order completed bid
• Order completed notification
• Order with pending authorization
• Settlement closed auction
• Winning bid
• Winning bid notification

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