What is the term for the process of selecting the best "qualified" teams to minimize procurement costs?

The correct term for the process of selecting the best "qualified" teams to minimize procurement costs is "prequalification." This process involves evaluating potential candidates to ensure they meet specific criteria regarding experience, capability, and financial stability before they are invited to submit proposals. By conducting prequalification, a project owner can focus on a smaller group of contractors or design-build teams that are deemed most capable of successfully executing the project. This approach not only helps streamline the procurement process but also reduces the overall costs associated with evaluating numerous bids from teams that may not possess the necessary qualifications.

Shortlisting is a related process but generally refers to narrowing down the list of qualified candidates after the prequalification steps have been taken. While procurement analysis and bid evaluation also play roles in the overall project selection and contractor engagement process, they are not specifically about the preliminary selection of well-qualified teams, which is the essence of prequalification.