Assessment of Critical Success Factors and Vendors’ Selection in Micro Businesses: The Global Perspective and Practices

Dr. Olawale, AMUZAT and Dr. Ndifreke Akaninyene, ENO (2024) Assessment of Critical Success Factors and Vendors’ Selection in Micro Businesses: The Global Perspective and Practices. BEST JOURNAL OF INNOVATION IN SCIENCE, RESEARCH AND DEVELOPMENT, 3 (6). pp. 557-568. ISSN 2835-3579

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Abstract

The study assessed critical success factors and vendor selection in micro businesses it global perspective and practices. The study identified several criteria for vendor selection, such as the net price, quality, delivery, historical vendor's performance capacity, communication systems, service, and geographic location. These criteria are a crucial issue in the vendor selection process since they measure the performance of the vendors. For many organizations and businesses, effective vendor selection is of vital importance. As the pace of market globalization quickens, the number of potential vendors and factors to consider when selecting vendors increases. The study concluded that in many projects there are bound to be critical success factors and they have much impact on vendor selection. The critical success factors include the work sequence with a timeline that an individual can demonstrate in his/her plan to meet the project timeline. It was recommended that in any procurement project in any country, there should be an understanding of the fact that critical success factors have a remarkable correlation with vendor selection. Hence, they should consider such components of the work sequence with timeline and the consultant’s deliverables very important.

Item Type:	Article
Subjects:	Q Science > Q Science (General)
Divisions:	Postgraduate > Master's of Islamic Education
Depositing User:	Journal Editor
Date Deposited:	01 Nov 2024 06:38
Last Modified:	01 Nov 2024 06:38
URI:	http://eprints.umsida.ac.id/id/eprint/14516

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