Vendor Evaluation and Selection

Vendor evaluation and selection is the process of assessing potential suppliers to determine which one best meets a company's needs. This involves reviewing various factors like price, quality, reliability, and service. Organizations typically create criteria or a checklist to compare vendors. They may seek references, examine past performance, or conduct interviews. Ultimately, the goal is to choose a vendor that offers the best overall value and can deliver products or services on time and to the required standards, supporting the organization’s goals effectively.