After thoroughly evaluating a supplier, many organizations summarize evaluations using a supplier evaluation matrix-a type of weighted scoring model.
What is evaluation matrix?
This is a tool, used to measure proposals, submitted by suppliers. It is basically meant to rank proposals based on defined criteria so that the best can be chosen.
In evaluation matrix, a score is assigned to each criteria that was considered under different categories and then the supplier with the highest score is selected to do business with.
Using evaluation matrix assess the suitability of suppliers to the business, who can work with the business for a long time hence, an essential tool for planning and organizing an evaluation.
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