Event types – Keelvar Support Portal

You can create two different types of events in Sourcing Optimizer: a request for quotation (RFQ) event or an auction event.

Creating_a_new_event_-_Create_new_event_window_-_RFQ.png — Figure 1. Create new event window

The primary difference between an RFQ event and an auction event is that during an auction, all participating bidders are typically online at the same time. For an auction event, Sourcing Optimizer can therefore provide bidders with real-time feedback as bids are received.

However, RFQ events can last for weeks, and bidders are not typically all bidding at the same time. For an RFQ event, Sourcing Optimizer provides bidders with round feedback during the subsequent round.

Table 1 provides a summary of the differences between RFQ events and auction events.

Table 1. RFQ and Auction event differences

Feature	RFQ	Auction
Feedback	During subsequent round	Real-time feedback
Evaluate step	Yes	No
Award step	Yes	No
Bid Decrement	Based on bidder's own lot bid	Based on: bidder's own lot bid; next-ranked lot bid; or first-ranked lot bid
Support for:
Bundle Bidding	Yes	No
Capacity Limits	Yes	No
Activity Point Tracking	Yes	No
Evaluation Frequency	No	Yes
Bidding Extensions	No	Yes
Global Rank-Based Allocation	No	Yes