The typical process for developing a weighted point evaluation system is to: (1)meet with the supplier to identify the factors or criteria for evaluation, (2)ask the supplier to determine the importance of each factor,and (3)negotiate a system for rating the supplier on each factor.

Weighted Point Evaluation System

A decision-making tool that helps businesses evaluate various choices based on a series of criteria, each of which is assigned a different weight based on its importance.

Criteria For Evaluation

The standards or benchmarks used to assess or judge the quality, value, or suitability of something.

Negotiate

The process of discussing terms and conditions between two or more parties with the goal of reaching a mutually acceptable agreement.