Supplier evaluation, risk analysis and supplier selection approaches in supply chain of manufacturing industry.

Industrial Engineering ( Mechanical Engineering )

Supplier evaluation and management is a very strong concept in manufacturing industry to analyze, identify, calculate and prioritize the overall progress of Supplier's and best future business opportunities across the inbound supply chain and to map, track and ensure the risk condition, performance, progress and rating of the individual supplier at a international level. In projects, especially in India, it is considered as a part of the unorganized sector. While developing a supplier survey for the purchaser it is to be decided which performance categories to include. The primary criteria are cost/price, quality and delivery, which are generally the most obvious and most critical areas that affect the buyer. For many items, these three performance areas would be enough, however for critical items needing an in-depth analysis of the supplier’s capabilities, a more detailed supplier evaluation study is required. This paper reviews the literature of various approaches for supplier evaluation to Analyze Supplier Overall Progress (SOP) and selection. Supplier evaluation and management initiates them to adopt the most efficient approaches in order to ensure the smooth flow of the execution of the project. Study puts efforts in effectiveness in selection of vendors and their evaluation to monitor Supplier Overall Progress (SOP).

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