Do a cost savings analysis including the eight common supplier selection criteria above, and determine the most cost effective option without compromising quality and service.

You are going to experience the Supplier Evaluation and Selection Process

The 7 steps of a strategic procurement process
Step 1: Conduct an internal needs analysis. …
Step 2: Conduct an assessment of the supplier’s market. …
Step 3: Collect supplier information. …
Step 4: Develop a sourcing/outsourcing strategy. …
Step 5: Implement the sourcing strategy. …
Step 6: Negotiate with suppliers and select the winning bid.
This is what you need to do:

1. Choose a product you want to purchase

2. Establish performance indicators.

There are eight common supplier selection criteria, in no formal order:
Cost.
Quality & Safety.
Delivery.
Service.
Social Responsibility.
Convenience/Simplicity.
Risk.
Supplier Agility/flexibility/warranty
3. Get quotes from different vendors,

4. Do a cost savings analysis including the eight common supplier selection criteria above, and determine the most cost effective option without compromising quality and service.