The 5 Phases of the Vendor Selection Process

By Keith Mathis - PM Expert Live
Let’s face it. No matter how hard we try or how much we want it, we can’t do it all. Regardless of the size of your organization, you will eventually come across at least one aspect (usually several) that is not feasible or cost effective to do for yourself. Whether it is buying paper, printer ink, food, or a new MRI machine, you will sooner or later find that you must go in search of a vendor.
Hiring a vendor has several advantages. It can reduce operational costs, enhance working conditions, improve responsiveness, and save significant money.
While outsourcing to a vendor may be necessary, there are also times when it is not wise to do so.

• If you and the potential vendor do not have the same goals.
• If you feel like you must micromanage the entire project and process.
• If you hate confronting someone over poor performance.
• If you want 100% control.

If any of these situations apply to you, hiring a vendor may not be the best choice.

Continue reading.........