The process of how to select sellers must be followed through precisely by those in project management. Managers must make a conscientious choice from the pool of potential sellers. The process begins by offers made from the sellers. Management then compares these bids. The best offer is then chosen, and a contract is drafted for the seller.
By adhering to a series of rules to select sellers, project management makes the process predicable for both other members of the managing team as well as the potential sellers who will make bids. A reliable series of steps ensures that all parties know the rules and their expected behavior. Sellers who are aware of the steps taken by project management to select sellers are more likely to produce bids or offers which are more easily comparable to others. Offers which are similar in form can quickly be set for a side by side comparison. This facilitates the decision making process, and it enables those in management to more quickly choose the best seller for his specific needs. The faster the selection can be done, the sooner work can continue on the project.
This term is defined in the 3rd edition of the PMBOK but not in the 4th.