Finance and Sourcing · tool 7 of 7

Vendor Selection

Vendor Selection: chooses a supplier with criteria you can defend.

Best for: Any significant purchase · Time: Days to weeks
Domain: Finance · Focus area: Planning

How it works

Agree the criteria and weights before seeing any proposal. Score separately, then compare. This keeps the choice fair and reduces bias towards the best salesperson.

Weigh criteria before the bids arrive.
Check references yourself.
Separate must-haves from scored items.

How to apply it

Write requirements and must-haves.
Set weights: fit, price, risk, support.
Score alone, then discuss differences.
Check references and decide.

In practice

Fit 40%, price 30%, delivery record 20%, support 10%. The cheapest bidder comes second.

Pro tip

Ask references: “What would you do differently if you hired them again?”

Use it

Template: Vendor Scorecard (blank), filled example
Playbook: A vendor is failing

Quick check

When should the scoring weights be set?

Sources

PMBOK® Guide, 8th edition, and The Standard for Project Management (PMI, 2025)

Last reviewed 2026-11-02 against the PMBOK® Guide, 8th edition · Practitioner review pending · How this guide is made