Vendor management is the process of managing the relationship between suppliers of a good or service to fulfill a mutually beneficial existence. The better the relationship is managed the more opportunity there is for successful interactions between the supplier of the good or service and the recipient. There are multiple scenarios where a relationship can influence the decision making process. The relationship that is built between the vendor and the customer could provide greater insight into the ability to meet the customer’s expectations and requirements for a particular project or need. Vendor selection and negotiations are complicated processes and there are tools and techniques that are utilized to simplify the processes. Negotiation skills are necessary to develop business opportunities and these skills can be honed over time through training and usage. The improvement of these skills and the appropriate vendor selection for key projects of the organization can lead to multiple opportunities for the organization to grow and become prosperous in the future.