Final answer:
Option a. True. Procurement auctions can be a faster and cheaper way to source materials compared to traditional RFQ processes.
Step-by-step explanation:
True. Procurement auctions can indeed be a faster and cheaper way to source materials compared to traditional RFQ (Request for Quote) processes. In a procurement auction, suppliers compete against each other by submitting bids for the required materials. This creates a competitive environment that can drive prices down and expedite the sourcing process. On the other hand, traditional RFQ processes involve sending requests for quotes to suppliers and waiting for their responses, which can be time-consuming and may not result in the most cost-effective options.