Vendor Selection Criteria is the set of requirements and criteria used to evaluate and select the best vendor for a given business requirement. It includes elements such as price, quality, market presence, delivery time, customer service, and other factors that are important to the successful completion of the project or purchase. The selection criteria should be detailed enough to ensure that only the vendors with the appropriate capabilities and qualifications are considered. By following a thorough and comprehensive process of selecting a vendor, businesses can ensure they are getting the best value for their money and making an informed decision.