One of procurement's most important responsibilities involves supplier selection and evaluation.

Question

Quizplus · Accepted Answer

Supplier selection and evaluation is a critical responsibility of procurement, as it directly impacts the quality, cost, and reliability of goods or services procured by an organization. It involves identifying potential suppliers, evaluating their capabilities, assessing their performance, and selecting the most suitable supplier(s) based on various factors such as price, quality, delivery, risk, and sustainability. Failure to select and evaluate suppliers effectively could result in poor quality products, cost overruns, supply chain disruptions, legal issues, and reputational damage.

One of Procurement's Most Important Responsibilities Involves Supplier Selection and Evaluation