Describe the important factors that should be considered while making the selection of a vendor.

Important factors that should be considered while making the selection of a vendor are following :-

1. Quality:

The term quality stands for ability and willingness of the supplier to meet the specifications of the buyer.

At no cost, the quality should be sacrificed for low price.

2. Price:

Normally quality does not always go side by side with price but we must try to find out those suppliers who make better than average product at an average price. However, sub-standard and poor quality purchases should not be made at the cost of a low price.

3. Quick Delivery:

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