Benchmarking has long been recognized as an important business activity. The primary goal of benchmarking is to produce a product or execute a process that is at least as good as the best firms producing similar products or performing similar processes. Important components of benchmarking...

Presents an approach for evaluating the number of vendors to employ in a procurement situation using multi‐objective programming (MOP) and data envelopment analysis (DEA). The approach advocates developing vendor‐order quantity solutions (referred to as supervendors) using MOP and then...