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Title of the project :Online Auctioning System
Objective/Vision
The Objective is to develop a user-friendly auctioning site where any kind of product can be auctioned and provide value-added services to the bidders and the sellers. The products will be authenticated and the site provides a safe environment for online users.
User of the System
A. Owners of the article
B. Registered bidders
C. Administrators
D. Advertising agencies
Functional Requirements
i. Secure registration of all users including a personal profile
ii. Administrators would authorize the product to auction, set auction dates & minimum auction amount for that product.
iii. Prior to each bid, the userâ„¢s bank or credit account must be authenticated for available balance required for the bid.
iv. Users can select their interested fields for bidding and periodic SMS/Mail alerts must be sent in case an article in that field goes on auction
v. Complete Search/Site Map of the entire site for easy access
vi. Discussion forums for users to interact with other users to know about the productâ„¢s value and originality
vii. Online Legal Documentation to avoid disputes. Guidance to the users about the same must be available
viii. Rare articles may be withheld by owner on the advice of the administrator to be thrown open in special auctions held by the site so as to increase the bid-values
Non-Functional Requirements
i. Secure access of confidential data (userâ„¢s details). SSL can be used.
ii. 24 X 7 availability
iii. Better component design to get better performance at peak time
iv. Flexible service based architecture will be highly desirable for future extension
Optional Features
a. Video and Audio promos (if provided by the owner)
b. Complaint/Suggestion logs received from all kinds of user
c. Java-based client for User A to provide real-time information about the progress of the auction
User Interface Priorities
A. Professional look and feel
B. Use of AJAX atleast with all registration forms
C. Browser testing and support for IE, NN, Mozila, and Firefox.
D. Use of Graphical tool like JASPER to show strategic data to admin
E. Reports exportable in .XLS, .PDF or any other desirable format

tell me more about construction of online auction site

ABSTRACT
The successful deployment and operation of an online auction system requires knowledge of mechanism design, system architecture, and successful Internet business practices.These kind of sites are intensely data driven and
have temporal behaviors that must be faithfully implemented. bidding, quoting, and clearing are all precisely governed by rules. Complementary features of auction systems, such as catalogs, search tools, and reputation mechanisms, are also discussed. The third wave of integration will involve the use of dynamic pricing through the entire product lifecycle, on both the sales and procurement sides.Business-to-Business (B2B) markets tend to have well known and authenticated bidders and lower overall communication loads.

The different sets of users are the bidders, the auction initiator, and the
auction system administrator. On most consumer-to-consumer
sites, the seller is the auction initiator, and places his one and only bid.

AUCTION CONCEPTS
The rules of auction are categorized into three: rules that govern the admission of
bids, rules that govern the information revealed by the auction, and rules that govern how the
auction computes trades.
Bidding rules:
the types of bids that are allowed are governed by these rules. the designated seller is the only participant who can
place a sell offer in a single seller auction. the sellerâ„¢s offer is called her reserve price If that offer is
non-zero.

Intermediate Information:
Auctions that generate no intermediate price information are called sealed-bid auctions. Typically, the information generated is a current price, often presented in the form
of a bid-ask spread.

for more details, refer this pdf:

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www.medocauction.pd

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A WEB BASED ELECTRONIC AUCTIONING SYSTEM

INTRODUCTION


1.1 BACKGROUND OF STUDY
In modern business as well as other aspects of modern life, computers and the Internet have found great applications especially because of the way in which computers and the Internet are capable of conserving business resources. With the aid of the Internet, businesses are now capable of reaching a global market for their goods and services.
This way, billions of people are able to participate in auction sales through a website of an auction company running any auctions. This way, people place their bids on the website, watch the bids others are placing on the website for the particular product they are interested in and eventually make purchase of the product if he/she is the person who remains the highest bidder over a selected period of time. Preston et al (1987).
Since around 500 BC, auction sales have been a unique and (most times), highly lucrative means of selling products particularly because of the competitive nature attached to it and the fact that the price of the item on sale is usually not predetermined by the seller but it is eventually determined by the buyers of the item as a result of competing interests. So, in most cases, the seller of the product acquires far more profit than expected from the sale of an item. Krishna (2002).
Placing auction sales within websites on the Internet is an excellent way to generate huge profits from sales because all the advantages of the use of the internet are derived with very little or no disadvantages at all. This way, any item on sale on the auction website can be visible to a worldwide market and higher interests for the item can be reached when people with more value for the items are able to find it.
A system as this will not only save the company organizing the auction sales a lot of financial resources but will afford them a lot of convenience, privacy and security for the buyers of the products available on the auction sales website.
The magnitude of the advantages derived from auction sales online are so numerous that organizations these days are gradually making all of their auction sales online rather than the old fashioned auction house sales.

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