What do you understand by Vendor? What is vendor managed inventory? What is Vendor Rating and Vendor Evaluation? What are the benefits of vendor Management?  

Vendor management refers to the process of sourcing, selecting, negotiating, and managing relationships with suppliers or vendors who provide goods or services to an organization. It involves the development of policies and procedures for managing vendors, as well as the ongoing monitoring and evaluation of vendor performance to ensure that they are meeting the requirements of the organization.

Vendor-managed inventory (VMI) is a supply chain management strategy that involves the vendor being responsible for managing the inventory levels of a customer. In this approach, the vendor is responsible for monitoring the customer’s inventory levels and ____ _______ ________ __________ ______ ___ ____ __________ ________.
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