Create a source selection matrix and use it to select the optimal supplier. Address each of the following:
1. Identify a real or hypothetical project (like a project to resurface the parking lot of an apartment complex) for which a product or service (like painting the parking space lines after resurfacing is completed) must be procured during the Execution phase. In a Word document, briefly describe the project, identify the product or service that must be procured, and identify three possible suppliers (like Painting Company A, Painting Company B, and Painting Company C).
2. Create a source selection matrix in Microsoft Excel in which you list five criteria (like price, proximity of headquarters to job site, supplier’s projection of how long the painting will take, warranty duration, and attractiveness of payment terms) that are important in selecting one of the three alternative suppliers.
3. Once the source selection matrix is created in Excel and populated with suppliers and criteria, weight each criteria (using the same scale for all criteria), score each supplier relative to each criterion (using the same scale for all scores), and then multiply the weight of each criterion by the score for each supplier-criterion combination. Arrive at the optimal solution. This video provides an explanation of this method: https://www.youtube.com/watch?v=F-zsALfgTrw.
4. In the Word document in which you described the project, reflect on this process for selecting suppliers and identify at least one advantage and one disadvantage of it relative to another approach that could be taken.
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