NEED FOR EFFECTIVE VENDOR SELECTION & RATING IN AN ORGANIZATION
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- Recommended for : Student Researchers
- NGN 3000
EXCERPT FROM THE STUDY
Suppliers are an essential component of the supply chain system, imbibing effective supplier selection and evaluation are considered important responsibilities of purchasing managers since the supplier evaluation process is purely meant to minimize purchase risk and maximize the overall value to the purchaser. The supplier selection is considered a key strategic decision in outsourcing, as it curtail errors. In order to select the right supplier, comprehensive and configurable metrics for supplier selection must be outlined early in the process, evaluation which involves rating a supplier’s value by measuring the selected supplier’s capability and performance follows.
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