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Supplier evaluation and supplier appraisal are terms used in business and refer to the process of evaluating and approving potential suppliers by quantitative assessment. [1] The aim of the process is to ensure a portfolio of best-in-class suppliers is available for use. [2] Supplier evaluation can also be applied to current suppliers in order ...
Supplier relationship management (SRM) is the systematic, enterprise-wide assessment of suppliers' strengths, performance and capabilities with respect to overall business strategy, determination of what activities to engage in with different suppliers, and planning and execution of all interactions with suppliers, in a coordinated fashion across the relationship life cycle, to maximize the ...
Best value procurement (BVP) is a procurement method that looks at factors other than only price, such as quality and expertise, when selecting vendors or contractors. [1][2][3] In a best value system, the value of procured goods or services can be simply described as a comparison of costs and benefits. A contractor or vendor is thus selected ...
Enterprise resource planning. Enterprise resource planning (ERP) is the integrated management of main business processes, often in real time and mediated by software and technology. ERP is usually referred to as a category of business management software —typically a suite of integrated applications —that an organization can use to collect ...
In the United States, the processes of government procurement enable federal, state and local government bodies in the country to acquire goods, services (including construction), and interests in real property. [1] Contracting with the federal government or with state and local public bodies enables interested businesses to become suppliers in ...
Supply chain management is a cross-functional approach that includes managing the movement of raw materials into an organization, certain aspects of the internal processing of materials into finished goods, and the movement of finished goods out of the organization and toward the end consumer.
Request for information. A request for information (RFI) is a common business process whose purpose is to collect written information about the capabilities of various suppliers. [1] Normally it follows a format that can be used for comparative purposes. An RFI is primarily used to gather information to help make a decision on what steps to ...
Supplier performance management. Supplier performance management (SPM) is a business practice which extends supplier evaluation, [1] and is used to measure, analyze, and manage the performance of a supplier in an effort to cut costs, alleviate risks, and drive continuous improvement. It is a function often associated with third party management.