What's The Process Of Vendor Evaluation And Rating?

The vendor evaluation in any company is based on specific criteria chosen by the company itself. E.g completion time, price, quality can be the criteria. Each vendor is evaluated on these criteria and is given a score. The vendor whose total score is the best is chosen. Here are the four steps for vendor evaluation:
- Focus on business environment
- Define your basic requirements
- Keep the evaluation simple
- Timing

Cost ,time,reliability,cost of the product or service saved by using this vendor,time gained or lost by using the vendor,reliability meaning a consistent ability to provide product or a services without fail or excuses why they could not deliver the services or product..sadly the only real way to find this out is to try 3 or 4 vendors and judge their performance over a set time.