What are the steps in the vendor selection process?

The vendor selection process begins with developing selection criteria such as technical capability, past performance, price, management approach, and financial stability. Vendors submit proposals or bids in response to the request for proposal or request for quotation. The evaluation team scores each proposal against the weighted criteria. Techniques include weighted scoring models, independent estimates for comparison, expert judgment, and best and final offer requests. Negotiations may follow to clarify terms before contract award.