Question 1

What is the vendor selection process?

Accepted Answer

It helps organizations identify, select, and assess potential suppliers for products and services

Answer

They are a second set of eyes on the money going out. This is an essential strategy for small businesses where every penny counts.

Answer

Vendor selection process is the formal, strategic stage of evaluating every submission based on the application requirements.

Question 2

When does the contract closure occur?

Accepted Answer

Occur after the vendor and buyer have satisfied the contracts requirements.

Answer

When increasing flexibility and visibility.

Answer

With a purchase requisition or purchase request form.

Question 3

Select the contract closure steps

Accepted Answer

Verifies the contract, collect evaluation reports, verifying contract requirements, making vendor payments and contract closure documents.

Answer

Pre solicitation planning, vendor selection, award contract, contract management and contract closure.

Answer

Select products or services, Improved visibility, and control.

Question 4

What is one vendor selection step that help creating a clearer, more data-driven approach to selecting a supplier?

Accepted Answer

Build your vendor selection scorecard

Answer

Indexing

Question 5

What is one vendor selection step that help creating a clearer, more data-driven approach to selecting a supplier?

Accepted Answer

Build your vendor selection scorecard

Answer

Journal Entry

Question 6

When it comes to picking the right supplier or vendor for a procurement project, it’s wise to welcome input from colleagues.

Accepted Answer

True

Answer

False

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