What is the primary goal of the process known as 'Select Source' in contract management?

The primary goal of the 'Select Source' process in contract management is to analyze offers based on evaluation criteria. During this phase, organizations gather and evaluate proposals from potential vendors or suppliers, ensuring that the offers align with the organization's needs and requirements. Evaluation criteria often include cost, quality, technical capabilities, and the vendor's track record.

Analyzing offers involves comparing how well each proposal meets the predetermined requirements, which informs the decision-making process about which vendor to select. This thorough evaluation ensures that the chosen source can deliver the necessary goods or services effectively, ultimately supporting the organization's objectives.

While assessing performance risks is important, it typically comes later in the contract lifecycle, once a source has been selected. Negotiating terms with selected vendors and resolving conflicts are also vital aspects of contract management but occur after the selection process has concluded. Hence, the focus of 'Select Source' is specifically on the evaluation of proposals to determine the most suitable vendor.