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Vendor Analysis Is a Formal, Systematic Evaluation of Current and Potential

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Vendor analysis is a formal, systematic evaluation of current and potential vendors that focuses on a variety of dimensions including price, product quality, delivery service, product availability, and overall company reliability.


Definitions:

Natural Selection

The process by which biological traits become more or less common in a population due to consistent effects on the survival and reproduction of their bearers.

Evolutionary

Pertaining to the process of natural selection and adaptation over generations, affecting the development of biological species.

Information Processing

A cognitive approach that describes the ways in which human beings encode, store, and retrieve information.

Human Factors Engineering

The discipline focused on designing systems, products, and processes that enhance human safety, performance, and satisfaction by considering human limitations and capabilities.

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