Is there another professional business term for "tender management"?

Answer 1

Tender or "reverse-auction" is where a single buyer invites a multitude of suppliers to quote through the process known as a Request for Quotation (RFQ). This is the exact opposite of an auction, where there is a single seller and many buyers

Tender management is a direct application of requirements management, insofar as this exercise consists of specifying the needs and verifying whether the offered solutions meet these needs or not. On one hand it assumes a precise definition of the requirement, and on the other hand the creation of a traceability matrix for each vendor.

A tender generally comprises of several categories of requirements: technical, regulatory, business and cost related requirements. These are further divided into sub-categories down to the lowest level: the final requirement.