Which is an objective performance measure of the procurement function?

The average length of time to complete a solicitation is a solid objective performance measure of the procurement function because it provides quantifiable data that can be tracked and analyzed over time. This measure reflects the efficiency and effectiveness of the procurement process—specifically, how quickly solicitations are developed, published, and awarded.

Using this measure, organizations can pinpoint where delays might be occurring, assess the clarity and comprehensiveness of their solicitation documents, and identify areas for improvement in their procurement procedures. Faster solicitation processes generally suggest a more agile procurement function that can respond effectively to organizational needs, ensuring timely acquisition of resources or services.

In contrast, the other options focus on subjective or qualitative aspects that may not be as easily quantified. Customer feedback on quality may vary widely based on individual perceptions, which makes it less objective. The number of local vendors doesn’t necessarily indicate performance unless contextualized with capacity, pricing, or quality metrics. Market trends analysis involves interpreting data and making forecasts, which, while valuable, doesn't directly measure the current performance of the procurement function itself.