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A TQM-Based Multi-Dimensional Approach to Improve the Quality of Supplier Selection in the Retail Industry
Abstract
In this chapter, the authors study risks in supply chain management, in the process of supplier selection for the procurement department of a retail supply chain. They propose a TQM-based multi-dimensional approach to improve supplier quality. They discover how the potential risks influence the performance of procurement in the supplier selection process of supplier relationship management. This chapter introduces a current supplier assessment approach by using weighted score ranking method as a single dimension mechanism for supplier selection in a specific retail industry. To estimate the efficiency of this mechanism, they use principal component analysis (PCA) statistical approach on real datasets to identify the most important factors that influence the decision-making of supplier selection. The strengths and weaknesses of this single dimension weighted ranking method are analyzed. The authors propose a total quality management (TQM)-based multi-dimensional mechanism to help the buyer identify, avoid, monitor, and reduce potential risks instead of using linear weighted score ranking method.
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