Factors Affecting the Selection of Optimal Suppliers in Procurement Management
No Thumbnail Available
Date
2024-04-12
Journal Title
Journal ISSN
Volume Title
Publisher
International Journal of Humanities and Social Science
Abstract
This is a desk top study on factors affecting the selection of optimal suppliers. The main objective was to identify the factors affecting supplier selection; the supplier selection process has also been identified. Factors affecting selection of suppliers were identified as; cost, technical capability, quality assessment, organizational profile, service levels, supplier profile and risk factors, in that relative order. This paper concludes that a cost criterion is a key factor affecting supplier selection for it dictates among many elements, the profit margins. Technical capability, quality of materials and the profile of the supplier are also closely considered. From the findings, we recommend that supplier selection should be an open and transparent process, carried out by experts from all key departments and should be done in time to avoid stock outs.