Objective: To apply vendor evaluation and selection criteria to choose the best vendor for a given product or service. Instructions: Choose a hypothetical product or service that needs to be procured, such as office furniture or IT software. Research and identify at least three potential vendors for the chosen product or service. Develop a list of evaluation criteria that will be used to assess each vendor. These criteria may include: Price Quality of the product or service Delivery time Vendor experience and reputation Customer service and support Vendor location and accessibility Assign weights to each evaluation criteria based on their relative importance. For example, price may be given a higher weight if cost is a primary concern. Evaluate each vendor based on the established criteria and weights, using a scorecard or matrix to record the results. Calculate the total score for each vendor based on the evaluation criteria and weights assigned. Select the vendor with the highest score as the preferred supplier and give your reasons. You will be evaluated based on the Following Criteria. Criteria Points Product/Service Selection 2 points Selection of Evaluation Criteria 2 points Assignment of Weights to Evaluation Criteria 1 point Evaluation of Vendors using Scorecard/Matrix