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Vendor ManagementProduction managementSection – P1
AN ASSIGNEMENT SUBMITTED ON VENDORMANAGEMENTPRODUCTION MANAGEMENTSUBMITTED TO -Prof. A.S.Sharma 
IIPM
IIPM TOWER, SATBARI,CHANDAN HAULA, CHATTARPUR-BHATIMINES ROADNEW DELHI
NAME ROLL NO SIGNATUREANCHIT BEHL08ANKIT MALIK09ANURAG HURIA11DEEPAK KHATTAR17DIVYA DEWAN22ROHIT MISHRA49SHEEBA AGHA60
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Vendor ManagementProduction managementSection – P1
What is a Vendor?
A vendor, or a supplier, is a supply chain management term meaning anyonewho provides goods or services to a company. A vendor often manufacturesinventorial items, and sells those items to a customer. The term vendororiginally represented property vendors. However, today it means a supplierof any good or service. A vendor, or a supplier, is a supply chainmanagement term that means anyone who provides goods or services to acompany. A vendor often manufactures inventorial items, and sells thoseitems to a customer. Typically vendors are tracked in either a finance system or a warehousemanagement system. Vendors are often managed with a vendor compliancechecklist or vendor quality audits. Purchase orders are usually used as acontractual agreement with vendors to buy goods or services.Vendors may or may not function as distributors of goods. They may or maynot function as manufacturers of goods. If vendors are also manufacturers,they will build to stock rather than build to order.Vendor is often a generic term, used for suppliers of industries from retailsales
 
to manufacturers to city organizations. Vendor generally applies only tothe immediate vendor, or the organization that is paid for the goods, ratherthan to the original manufacturer or the organization performing the serviceif it is different from the immediate vendor.
Vendor management
Vendor management is the discipline of establishing service, quality, cost,and satisfaction goals and selecting and managing third party companies toconsistently meet these goals.
Vendor Management System
 The term vendor originally represented property vendors. However, today itmeans a supplier of any good or service. A vendor, or a supplier, is a supplychain management term that means anyone who provides goods or services
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Vendor ManagementProduction managementSection – P1
to a company. A vendor often manufactures inventorial items, and sells thoseitems to a customer. Typically vendors are tracked in either a finance system or a warehousemanagement system. Vendors are often managed with a vendor compliancechecklist or vendor quality audits. Purchase orders are usually used as acontractual agreement with vendors to buy goods or services.Vendors may or may not function as distributors of goods. They may or maynot function as manufacturers of goods. If vendors are also manufacturers,they will build to stock rather than build to order.Vendor is often a generic term, used for suppliers of industries from retailsales to manufacturers to city organizations. Vendor generally applies only tothe immediate vendor, or the organization that is paid for the goods, ratherthan to the original manufacturer or the organization performing the serviceif it is different from the immediate vendor
History
VMS (Vendor Management Services) is a fairly recent advancement inmanaging contingent labor spend. VMS is an evolution of the Master ServiceProvider (MSP) / Vendor-On-Premise (VOP) concept, which became moreprevalent in the late-1980s to the mid-1990s when larger enterprises beganlooking for ways to reduce outsourcing costs. An MSP or VOP was essentiallya master vendor who is responsible for on-site management of theircustomer’s temporary help / contract worker needs. In keeping with the BPO(Business Process Outsourcing) concept, the master vendor enters intosubcontractor agreements with approved staffing agencies.It is noteworthy to mention that VMS really started to evolve around the timeMichael Hammer and James Champy's Reengineering the Corporationbecame a bestseller. Large enterprises were looking for ways to compete inthe global economy. The main advantage for U.S. businesses during this timeperiod was that their purchasing departments were able to channel newcontract personnel requisitions to one source – the VOP – and, in turn, reduceprocurement costs by simplifying their payment process. In effect, they onlyhad to write a check to one vendor
vis-à-vis
hundreds of suppliers.With the Internet came new ways of doing business, which includedelectronic payment. According to Staffing Industry Analysts, Inc. the
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