Question

What is meant by vender rating? State and
explain the different methods of vender
rating.​

Answer 1

Answer:

Vendor rating is the process of establishing performance categories, and collecting and analysing data to monitor trends and identify areas for further action (Bossert et al.)

Explanation:

Vendor rating techniques

Weighted point plan: factors are categorized and weight is assigned to each factor based on vendor performance. ... Cost ratio plan: Supplier rating is done based on different costs incurred for procuring the materials from different suppliers.

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Answer 2

Vendor Rating (also called: supplier rating) is a system used by buying organizations or industry analysts to record, analyze, rank and report the performance of a supplier in terms of a range of predefined criteria, which may include such things as: Quality of the product or service.

Vendor rating is the result of a formal vendor evaluation system. Vendors or suppliers are given standing, status, or title according to their attainment of some level of performance, such as delivery, lead time, quality, price, or some combination of variables.