Familiarize yourself with these information sources for evaluating potential suppliers: Supplier Survey, Evaluation of Financial Condition, Plant Visit, 3rd party evaluator, Conference. Why is an evaluation of financial condition important for many sourcing decisions?(332-336)
Selecting Supplier: (336-339)
What are the 5 pre-reqs for competitive bidding & their significance?
What are 4 conditions when competitive bidding should not be used (conditions demanding negotiation)?
What are some advantages of negotiation over competitive bidding?
According to the text, is it a good idea to negotiate with low bidders after bids are received?
According to the text, who might be involved in the sourcing decision? (339)
Define the following terms (note the term RFQ is often used synonymously for either of these)
IFB
RFP
Describe each of the following considerations in supplier selection (343-)