An Economic Model for Vendor Selection

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Abstract
An economic model for vendor selection is presented. There are two decision factors to be considered in the model: price and material quality. In developing the model, material quality is expressed in terms of monetary units, then combined with price to establish a cost-effective decision criterion for vendor selection. In addition, the interaction between material quality and the vendee's quality control function is discussed. It is shown that this interaction may affect vendor selection.

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