To determine which supplier should be awarded the contract, we need to calculate the overall score for each supplier by combining the quality score and the cost score, with each weighted at 50%.
* Calculate the cost score:
* Supplier 1: $100,000 (100 points)
* Supplier 2: $104,000 (100,000/104,000 = 96.15, so 100 - 3.85 96 points)
* Supplier 3: $105,000 (100,000/105,000 = 95.24, so 100 - 4.76 95 points)
* Supplier 4: $110,000 (100,000/110,000 = 90.91, so 100 - 9.09 91 points)
* Calculate the overall score:
* Supplier 1: (90 * 0.5) + (100 * 0.5) = 95
* Supplier 2: (90 * 0.5) + (96 * 0.5) = 93
* Supplier 3: (100 * 0.5) + (95 * 0.5) = 97.5
* Supplier 4: (100 * 0.5) + (91 * 0.5) = 95.5
Supplier 3 has the highest overall score (97.5), so Supplier 3 should be awarded the contract.
References
* Supplier Selection Criteria: Supply Chain Management Review
* Weighted Scoring Method: Procurement Best Practices from ISM

The first step in the category management process is to build the team, create a project charter, and develop a scope of work. This foundational step ensures that there is a clear understanding of the project's goals, roles, and responsibilities. A well-defined project charter aligns the team and stakeholders, sets the project's direction, and helps in developing a comprehensive strategy for managing the category.
References:
* "Category Management in Purchasing: A Strategic Approach to Maximize Business Profitability" by Jonathan O'Brien.
* Institute for Supply Management (ISM) guidelines on category management.
* Chartered Institute of Procurement & Supply (CIPS) resources on category management.

According to the COSO framework, effective internal controls are composed of several key elements that ensure the reliability of financial reporting, compliance with laws and regulations, and the effectiveness and efficiency of operations.
* Documenting: While important, it is a part of the overall control activities and processes.
* Monitoring: This is a core component of the COSO framework, involving continuous assessment of the internal control system's performance.
* Management: This is involved in executing controls but is not itself a specific element of internal controls in the COSO framework.
* Auditing: This is an independent review of internal controls but is not listed as one of the primary components in the COSO framework.
Therefore, monitoring is an essential element of effective internal controls according to the COSO framework.
References:
* COSO Internal Control-Integrated Framework.
* Committee of Sponsoring Organizations of the Treadway Commission (COSO) guidelines.