The purchasing function for some time now has been receiving increasing importance as a critical supply chain management component. This is mainly due to the significant impact of material costs on profits, increased investments in advanced manufacturing and information technologies, and a growing emphasis on Just-In-Time (JIT) production. The critical objectives of purchasing departments include obtaining the product at the right cost in the right quantity with the right quality at the right time from the right source. These objectives can be achieved through effective supplier selection, negotiation of supply contracts, monitoring supplier performance and providing continuous feedback, and acting as an interface between the firm and its suppliers. Within these important functions of purchasing managers, this paper addresses the supplier selection process. While cost has traditionally been considered as the single most important factor in evaluating suppliers, recent emphasis has expanded to include other important factors such as quality, delivery, and flexibility. This paper develops a model for evaluation and selection of suppliers by considering multiple factors that include strategic, operational, tangible, and intangible measures. The model allows for input from a variety of managerial decision making levels and considers the dynamic aspects of the competitive environment in evaluating suppliers. An empirical case illustration is utilized to demonstrate the efficacy of the model. The results provide interesting managerial implications.