A project manager wants to engage suppliers who have been evaluated and approved before the project begins to ensure they meet specific criteria. What type of suppliers are these?
Preferred vendors
Prequalified vendors
Certified vendors
Single-source vendors
Prequalified vendors are suppliers who have been assessed and approved in advance based on predefined criteria, ensuring they meet the project's quality and performance standards. This prequalification process streamlines procurement and mitigates risks associated with unvetted suppliers. Preferred vendors might be favored due to past relationships but aren't necessarily pre-assessed for the current project. Certified vendors hold certain certifications but may not have been evaluated against the project's specific needs. Single-source vendors are the only available suppliers for a product or service but may not have been preapproved.
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