Once you have received multiple quotes for a project, how do you go about making a final supplier selection?

"After receiving quotes from suppliers, I usually prepare a summary for all quotes received. I present this summary, along with my recommendation, to my management to make a final supplier selection. When summarizing this information, I try my best to clearly spell out the differences in each quote and an estimated cost impact of each difference. Ultimately, I understand that the lowest cost option should be chosen, but sometimes there are hidden costs that are not immediately apparent. I always make sure that these costs are accounted for before a final decision is made."

"If I cannot make the decision on my own, I seek consulting from either management higher-ups or coworkers. Before escalating the question to anyone else, I make a systematic comparison by narrowing down the quotes to the best of my ability. I compare features of the quotes: lead times, pricing, how easy it is to get in contact with the company, and dependability."