What is VMP

Question

What is VMP

Accepted Answer

VMP stands for Vendor Master Plan. It is a strategic document that outlines the approach and activities for managing vendors in an organization.

VMP is a comprehensive plan that includes vendor selection, evaluation, and performance management.
It defines the criteria for selecting vendors and the process for evaluating their performance.
The plan also outlines the responsibilities and roles of various stakeholders involved in vendor management.
VMP helps in ensuring that vendors meet the organization's quality standards and deliver products or services on time.
It includes strategies for mitigating risks associated with vendor relationships.
Example: In a software development company, the VMP would outline the process of selecting software vendors, evaluating their performance, and managing the relationship to ensure timely delivery of quality software.
Example: In a manufacturing company, the VMP would define the criteria for selecting suppliers, evaluating their product quality, and managing the supply chain efficiently.

Accepted Answer

outlines the principles involved in the qualification of a facility, defining the areas and systems to be validated, and provides a written program for achieving and maintaining a qualified facility.

What is VMP

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