Vendor Evaluation Matrix

The Vendor Evaluation Matrix is a 2x2 matrix used to evaluate vendors based on their cost and quality of service. It can be used to compare different vendors and decide which one is the best fit for a company's needs.

At a very high level, the Vendor Evaluation Matrix is used in the context of business, finance.

Vendor Evaluation Matrix quadrant descriptions, including examples
Want to try this template?
Other Templates

What is the Vendor Evaluation Matrix?

A visual explanation is shown in the image above. The Vendor Evaluation Matrix can be described as a matrix with the following quadrants:

  1. Low Cost, High Quality: Vendors in this quadrant offer a low cost and high quality of service, such as a web hosting provider with competitive pricing and excellent customer service.
  2. High Cost, High Quality: Vendors in this quadrant offer a high cost and high quality of service, such as a software development firm with expensive rates but experienced developers.
  3. Low Cost, Low Quality: Vendors in this quadrant offer a low cost and low quality of service, such as a web hosting provider with cheap prices but poor customer service.
  4. High Cost, Low Quality: Vendors in this quadrant offer a high cost and low quality of service, such as a software development firm with expensive rates but inexperienced developers.

What is the purpose of the Vendor Evaluation Matrix?

The Vendor Evaluation Matrix is a 2x2 matrix used to evaluate vendors based on their cost and quality of service. It is used to compare different vendors and decide which one is the best fit for a company's needs. The matrix is divided into four quadrants, each representing a different combination of cost and quality. The top-left quadrant represents vendors with a low cost and high quality, the top-right quadrant represents vendors with a high cost and high quality, the bottom-left quadrant represents vendors with a low cost and low quality, and the bottom-right quadrant represents vendors with a high cost and low quality.

The Vendor Evaluation Matrix can be used to quickly compare different vendors and decide which one is the best fit for a company's needs. It can also be used to identify areas where a company can save money by switching to a lower-cost vendor, or areas where a company should invest more money in order to get higher quality service.


Want to try this template?

What templates are related to Vendor Evaluation Matrix?

The following templates can also be categorized as business, finance and are therefore related to Vendor Evaluation Matrix: Effort Impact Matrix, Gap Analysis Matrix, Growth Share Matrix, Kraljic Matrix, Outsourcing Matrix, Quadrant Analysis, Risk Analysis Matrix, Risk Value Matrix. You can browse them using the menu above.

How can I use Vendor Evaluation Matrix in Priority Matrix?

You can get Vendor Evaluation Matrix in your Priority Matrix in just a moment:

  1. Click to sign in or create an account in the system
  2. Start adding your items to the matrix
  3. If you prefer it, download Priority Matrix and take your data with you

Learn more about Vendor Evaluation Matrix, and get free access to lots of other templates, at templates.app. Once you are comfortable with the document, you can easily export to Excel, if you prefer to work that way.

If you have any questions and you can't find the answer in our knowledge base, don't hesitate to contact us for help.