Quotation Comparison Sheet
A Quotation Comparison Sheet is a document used in the purchasing process to systematically evaluate and compare the price quotations received from different suppliers in response to a Request for Quotation (RFQ). The comparison sheet assists the procurement team in making informed decisions by considering various factors such as price, terms, and specifications. Here are the details of what a Quotation Comparison Sheet typically contains, including key fields:
Quotation Comparison Sheet Details:
Quotation Comparison Sheet ID/Number:
- Description: A unique identifier assigned to each comparison sheet for tracking and reference purposes.
- Purpose: Helps in uniquely identifying and referencing the specific comparison sheet in the procurement system.
RFQ Information:
Fields:
- RFQ Number
- RFQ Issue Date
- RFQ Deadline
- Purpose: Provides reference details about the original RFQ against which the quotations were submitted.
Item Details:
Fields:
- Item Name/Description
- Quantity
- Unit of Measure
- Purpose: Specifies the details of the goods or services for which price quotations were requested.
Supplier Information:
Fields:
- Supplier Name
- Supplier Contact Information
- Purpose: Identifies the suppliers who submitted quotations for comparison.
Quotation Details:
Fields:
- Quotation Number
- Quotation Date
- Quoted Price
- Terms and Conditions
- Purpose: Captures essential information from each supplier's quotation, including pricing and any specific terms.
Delivery Time:
- Description: The time period within which each supplier commits to delivering the goods or completing the services.
- Purpose: Helps in evaluating the timeliness of each supplier's proposed delivery.
Payment Terms:
- Description: The payment conditions outlined by each supplier, including due dates and accepted payment methods.
- Purpose: Allows for the comparison of payment terms offered by different suppliers.
Additional Costs:
Fields:
- Shipping Costs
- Taxes
- Other Charges
- Purpose: Captures any additional costs associated with each supplier's quotation.
Compliance with Specifications:
- Description: An assessment of each supplier's quotation in terms of compliance with the specified requirements or specifications.
- Purpose: Evaluates whether suppliers are meeting the desired quality and specifications.
Total Cost:
- Description: The overall cost, including the quoted price and any additional costs, for each supplier's quotation.
- Purpose: Provides a comprehensive view of the total financial commitment associated with each supplier.
Evaluation Criteria:
Fields:
- Quality of Goods/Services
- Supplier Reputation
- Lead Time
- Technical Specifications
- Previous Performance
- Purpose: Lists criteria against which suppliers are evaluated, allowing for a structured and consistent assessment.
Weightage/Scoring:
Fields:
- Weightage (percentage assigned to each criterion)
- Score (numerical rating for each supplier against each criterion)
- Purpose: Quantifies the importance of each evaluation criterion and allows for scoring suppliers objectively.
Comments/Notes:
- Description: Space for recording additional comments, observations, or notes related to each supplier's quotation.
- Purpose: Provides a narrative context to support the quantitative evaluation.
Recommendation:
- Description: The procurement team's recommendation or decision regarding the preferred supplier based on the evaluation.
- Purpose: Summarizes the conclusion drawn from the comparison and suggests the supplier to be selected.
Approval Signatures:
Fields:
- Reviewer Names
- Approval Status (Pending, Approved, Rejected)
- Approval Comments
- Purpose: Documents the review and approval process by relevant stakeholders.
Attachment of Supplier Quotations:
- Description: Space for attaching the original quotations submitted by each supplier.
- Purpose: Allows for reference and verification of the details included in the comparison sheet.
Custom Fields:
- Description: Additional fields that can be customized based on the specific needs and requirements of the organization.
- Purpose: Allows flexibility in capturing unique information relevant to the comparison process.
Quotation Comparison Workflow:
Creation:
The purchasing department creates a Quotation Comparison Sheet based on the received quotations.
Quotation Review:
The procurement team reviews each supplier's quotation and populates the comparison sheet with relevant details.
Evaluation and Scoring:
The procurement team scores each supplier against predefined criteria, considering factors such as price, quality, and delivery time.
Calculation of Total Costs:
The total costs for each supplier, including quoted prices and additional costs, are calculated and recorded on the sheet.
Weighted Evaluation:
Weighted scores are assigned to each criterion based on its importance, and the overall evaluation is conducted.
Recommendation and Approval:
The procurement team makes a recommendation based on the evaluation, and the comparison sheet is reviewed and approved by relevant stakeholders.
Communication with Selected Supplier:
The selected supplier is formally notified of the decision, and further negotiations or discussions may take place.
Documentation Retention:
The Quotation Comparison Sheet, along with related documents, is retained for record-keeping and audit purposes.
The Quotation Comparison Sheet is a crucial tool in the procurement process, facilitating a structured and transparent evaluation of supplier quotations. It helps organizations make informed decisions and select the most suitable supplier based on a comprehensive assessment of various factors.