Please record that price analysis is effective when applied to products that can be contrasted to other, "similar" procurements. Essentially, the goal of a general price analysis is to assess whether a price is reasonable. This depends on the type of market where the supplier operates. Performing a price analysis typically involves key components that may include historical prices, market prices and published prices.
How can the procurement practitioner apply price analysis to their process or to determine historical, market and published prices?