Unit 5 discussion response_MT436
13158Respond or elaborate on the response below:
Qualitative and quantitative factors are two different approaches to evaluating data (The Fullstory team, 2024). In my company, there are both qualitative and quantitative factors when it comes to evaluating suppliers.
The quantitative factor that I would suggest my company use to evaluate its supplier is the metric, it shows the lead time, the cost, and the returning ratio, all these data will tell the story about the whole operation and how it is working with the supplier. Numbers and data will always reflect whether the operation is successful or not, I think this method could be worth doing since the numbers don’t lie.
Besides this method, qualitative factors should also be considered, I suggest that my company should also do a survey to evaluate the supplier, this survey would be based on the employees who directly interact with the suppliers, and this would be the most accurate evaluation since this won’t be just based on numbers but also the actual operation. This evaluation does not depend only on the numbers but how our employees feel about collaborating with the suppliers. The questions could show how is the customer service of the supplier doing, and are they being responsible and showing that they care about our business. Different from quantitative factors, this will focus more on how the employees feel about the suppliers.
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