Which activity reflects the concept of vendor management?

Vendor management is the process of coordinating with vendors to ensure excellent service to your customers12. It involves activities such as selecting vendors, negotiating contracts, controlling costs, reducing vendor-related risks and ensuring service delivery12. One of the key activities of vendor management is managing service level agreements (SLAs), which are contracts that define the expectations and obligations of both parties regarding the quality, quantity, and timeliness of the goods or services provided3. SLAs help to monitor and measure vendor performance, identify and resolve issues, and enforce penalties or rewards based on the agreed-upon metrics3. The other options are not correct because they do not reflect the concept of vendor management as a whole, but rather specific aspects or tools of vendor management. Scanning and collecting information from third party web sites, reviewing and analyzing external audit reports, and receiving and analyzing a vendor’s response to a questionnaire are all examples of methods or sources of information that can be used to conduct vendor due diligence, risk assessment, or performance evaluation, but they are not the only or the most important activities of vendor management. References:

What is Vendor Management? Definition, Process, and Tools

What is vendor management? | Definition & Process | Taulia

Essential Guide to Vendor Management | Smartsheet, section “Service Level Agreements”