A project manager is selecting a vendor for a critical software development project. The project manager examines each vendor's strengths, weaknesses, and industry standing in comparison to other vendors. Which vendor evaluation technique is being used?
By examining the vendors' strengths, weaknesses, and comparing their industry standings, the project manager is conducting competitive analysis. This technique involves assessing how vendors compare against each other in the marketplace to identify which one can best meet the project's needs.
Cost-benefit analysis focuses on weighing the costs against the benefits of a particular solution or vendor, not their competitive positions.
Technical approach assessment evaluates the technical methodologies and solutions proposed by vendors rather than their market standings.
Market research involves gathering general information about the market and industry trends, not specifically comparing vendors to one another.
Ask Bash
Bash is our AI bot, trained to help you pass your exam. AI Generated Content may display inaccurate information, always double-check anything important.
What is competitive analysis in project management?
Open an interactive chat with Bash
How do project managers perform a cost-benefit analysis?
Open an interactive chat with Bash
What is the purpose of a technical approach assessment in vendor selection?