How do I add weightings to my auction?
What's the issue you're facing?
I would like to create a weighted auction. How can I do this?
Solution
In scenarios where a specific level of importance can be attributed to price in relation to other factors, a weighted auction can be considered.
This option is only available where the auction type selected is “Ranked”.
When “With Weighting” is set to “Yes” you will select the percentage of the final score that should be based on price and select which questionnaire’s score will make up the remainder of the score.
As only one questionnaire can be weighted against price, any scored questions you wish to include in this calculation must be included in the same questionnaire.
You will also have the ability to choose whether the price score should be calculated as a percentage of the leading bid or on a pro rata basis. If “percentage of leading bid” is selected then the price score for each participant will be calculated simply as a percentage of the leading bid.
For example, if the leading bid is £100 from Participant A, and then Participant B puts in a bid of £110, then Participant A will score 100% and Participant B will score 90%. The calculation is looking at the percentage difference of the leading bid, and in this case there is a 10% difference.
If “pro rata” is selected then the price score for each participant will be calculated on a pro-rata basis based on both the qualification price and the leading bid. In order to use this scoring mechanism, each lot must have a qualification price.
For example, if the qualification price is £1000, and Participant A has the leading bid of £500 and Participant B has a bid of £750, then Participant's A score will be 100% (for being the best) and Participant's B score will be 50% (for being mid-way between the best price and the qualification price).
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