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Vendor Selection Process Quiz

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Questions and Answers

What is a vendor?

A distributor of products and services to businesses or individual customers

A seller of products and services to businesses or individual customers (correct)

A buyer of products and services from businesses or individual customers

A manufacturer of products and services for businesses or individual customers

Why is a robust vendor selection process essential?

To reduce the number of vendors

To speed up the production schedule

To ensure on-time delivery and quality products (correct)

To increase the number of stockouts

What are the consequences of poor vendor selection for manufacturers?

Increase in sales due to stockouts

Improved customer reputation

Decrease in customer deliveries

Slippage in the production schedule (correct)

What does ERM stand for in the context of vendor selection?

Enterprise Risk Management Signup and view all the answers

What is another term for a vendor?

Supplier Signup and view all the answers

What is a key purpose of performing supplier evaluations?

To choose the supplier that best meets business needs Signup and view all the answers

What is one of the criteria used to evaluate a supplier?

Price Signup and view all the answers

Why is learning about the supplier evaluation process important?

To decide if it is right for improving employer's supplier relationships Signup and view all the answers

What type of organizations use supplier evaluations?

Businesses in almost every industry Signup and view all the answers

What does the supplier evaluation process help organizations determine?

Which vendor can best help achieve business goals Signup and view all the answers