13-02-2013, 12:23 PM
CYBER BIDDING GATEWAY
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Abstract
Auctions are among the Latest economic institutions in place. They have been used since antiquity to sell a wide variety of goods, and their basic form has remained unchanged. In this dissertation, we explore the efficiency of common auctions when values are interdependent- the value to a particular bidder may depend on information available only to others-and asymmetric. In this setting, it is well known that sealed-bid auctions do not achieve efficient allocations in general since they do not allow the information held by different bidders to be shared.
Typically, in an auction, say of the kind used to sell art, the auctioneer sets a relatively low initial price. This price is then increased until only one bidder is willing to buy the object, and the exact manner in which this is done varies. In my model a bidder who drops out at some price can “reenter” at a higher price.
Objective:
The price of the product on auction increases with every incremental bid. The price increases as per the minimum bid increment set by the seller. The seller must sell the item to the highest bidder at the close of the auction. For example, if a seller has put up product 'A' for sale with a reserve price of Rs.10 and five buyers bid for it with the highest bid coming in from buyer 'B' who bids Rs.12, the product is sold to 'B' for Rs.12. This is an auction where the number of units of a particular product for sale is more than one. This simply means that a number of identical products have been put up for sale by the seller. In an auction like this, there will obviously be more than one winner. Buyers can also bid for more that one unit of that product. At the end of the auction all the bidders pay the same price - the lowest winning bid amount (subject to the reserve price being met) for the product. This is a perfect auction type for those who wish to sell many units of the same product. Here is how it works: The Seller starts by listing a minimum price or starting bid for a product and the quantity or number of units for sale. Bidders specify both a bid price and the quantity they wish to buy. All winning bidders pay the same price per item - the lowest successful bid. If there are more buyers than items, the earliest successful bids get the goods.
Existing System:
Present system is manual. The Project Metrics has to enter all the details of project, documents, and tasks. It also maintenance the team information and also efforts estimation. For this purpose the organization maintain the size of the document, source code and update the information about team member’s details manually. Which is much of time consuming process and more importantly it is error prone.
Limitations Of the Manual system
1. It is time consuming
2. It leads to error prone results
3. It consumes lot of manpower to better results
4. It lacks of data security
5. Retrieval of data takes lot of time
6. Percentage of accuracy is less
7. Reports take time to produce
Objectives Of the Proposed System
1. To generate the quick reports
2. To make accuracy and efficient calculations
3. To provide proper information briefly
4. To provide data security
5. To provide huge maintenance of records
6. Flexibility of transactions can be completed in time
After understanding the existing system and understanding the need for developing a new system different people involved in the related activities have been consulted. The data needed for the study has been collected from company records.
The computerization of this system would avoid the wrong interpretation and bad calculation of data .The system help the user to see any documents, source code, tasks, activities, team information with details at the click of a button. The record data is maintained and backed up such a way that data is not loss. The speed of the system could also increased.
[attachment=50673]
Abstract
Auctions are among the Latest economic institutions in place. They have been used since antiquity to sell a wide variety of goods, and their basic form has remained unchanged. In this dissertation, we explore the efficiency of common auctions when values are interdependent- the value to a particular bidder may depend on information available only to others-and asymmetric. In this setting, it is well known that sealed-bid auctions do not achieve efficient allocations in general since they do not allow the information held by different bidders to be shared.
Typically, in an auction, say of the kind used to sell art, the auctioneer sets a relatively low initial price. This price is then increased until only one bidder is willing to buy the object, and the exact manner in which this is done varies. In my model a bidder who drops out at some price can “reenter” at a higher price.
Objective:
The price of the product on auction increases with every incremental bid. The price increases as per the minimum bid increment set by the seller. The seller must sell the item to the highest bidder at the close of the auction. For example, if a seller has put up product 'A' for sale with a reserve price of Rs.10 and five buyers bid for it with the highest bid coming in from buyer 'B' who bids Rs.12, the product is sold to 'B' for Rs.12. This is an auction where the number of units of a particular product for sale is more than one. This simply means that a number of identical products have been put up for sale by the seller. In an auction like this, there will obviously be more than one winner. Buyers can also bid for more that one unit of that product. At the end of the auction all the bidders pay the same price - the lowest winning bid amount (subject to the reserve price being met) for the product. This is a perfect auction type for those who wish to sell many units of the same product. Here is how it works: The Seller starts by listing a minimum price or starting bid for a product and the quantity or number of units for sale. Bidders specify both a bid price and the quantity they wish to buy. All winning bidders pay the same price per item - the lowest successful bid. If there are more buyers than items, the earliest successful bids get the goods.
Existing System:
Present system is manual. The Project Metrics has to enter all the details of project, documents, and tasks. It also maintenance the team information and also efforts estimation. For this purpose the organization maintain the size of the document, source code and update the information about team member’s details manually. Which is much of time consuming process and more importantly it is error prone.
Limitations Of the Manual system
1. It is time consuming
2. It leads to error prone results
3. It consumes lot of manpower to better results
4. It lacks of data security
5. Retrieval of data takes lot of time
6. Percentage of accuracy is less
7. Reports take time to produce
Objectives Of the Proposed System
1. To generate the quick reports
2. To make accuracy and efficient calculations
3. To provide proper information briefly
4. To provide data security
5. To provide huge maintenance of records
6. Flexibility of transactions can be completed in time
After understanding the existing system and understanding the need for developing a new system different people involved in the related activities have been consulted. The data needed for the study has been collected from company records.
The computerization of this system would avoid the wrong interpretation and bad calculation of data .The system help the user to see any documents, source code, tasks, activities, team information with details at the click of a button. The record data is maintained and backed up such a way that data is not loss. The speed of the system could also increased.