Selecting a Supplier or Contractor Research Paper

Selecting a Supplier or Contractor - Research Paper Example The four different projects chosen include that of production of electronic products, construction of a retail outlet, manufacturing glass containers and construction of residential buildings. The criteria for supplier selection followed by these projects include that of quality, the speed of delivery, cost and reputation respectively. After analyzing these criteria, a comparison of these supplier selection methods has been given along with the critique that identifies the best method of supplier selection. Every business has the impact of competition in the market due to increased globalization and various technological advancements. In such a competitive scenario, good supply chain becomes an important part of the corporate strategy. Coyle, Bardi, and Langey (2003) say that this prime need has driven the logistics managers to concentrate more on supplier capabilities, conceptualizing and designing and implementing the supply process. Traditionally, there were only a few criteria like cost, delivery time and quality of the goods that were mainly concerned with supplier selection says Smith et al (1963), in the recent there are many other criteria in selecting a suitable supplier. Selecting a competent supplier becomes the key to the production and delivery of high-quality products. Hence the supply chain managers need to adopt a proper strategy for selecting the suppliers based on some criteria. Selecting and maintaining a good supplier involves an important decision regarding the purchase of quality goods as it leads to quality products. The selection of competent suppliers can be based on various criteria as prescribed by Dickson (1996) are the net price quoted by the supplier, the reputation of the supplier, the extent up to which the supplier is able to meet the quality requirements, the replacement or