CURRENT AFFAIRS

Detailed explanation-1: -NHAI develops a “Vendor Performance Evaluation System"

Detailed explanation-2: -What is vendor performance evaluation? A vendor performance evaluation, also called a vendor evaluation form or a vendor review, is a scorecard-style document and process used to measure the success of an existing supplier relationship.

Detailed explanation-3: -Vendor performance management is usually measured by a series of agreed and contractual Key Performance Indicators (KPI’s). Most VPM systems use either dashboards or balanced scorecards to measure a vendor’s performance. The former provide a 2-D view and balanced scorecards provide a more 3D view.

Detailed explanation-4: -As a general rule of thumb for new services, the initial performance review should be performed 90 days after the services are implemented. This will allow enough time to determine how the vendor is performing and tweak specific KPI’s, SLA’s and/or implement action plans.

Detailed explanation-5: -Why is Supplier Evaluation Important? Supplier evaluations are important because they help you to ensure that your suppliers are meeting your standards and requirements. They also allow you to identify any potential problems that could impact your business.