what are the pros and cons of sole source procurement versus competitive selection? thank you

Competitive Selection :- Pros
1) Offers a greater range of product features
2) Facilitates a much detailed evaluation and comparison of Product strengths and weaknesses
3) Helps achieve a good product at the desired price
4) May provide features that were not considered in customer requirements but enhance the business capabilities

Cons
1) Danger of collusion. Two or more suppliers may combine together for ulterior motive without the knowledge of the buyer
2) Supplier may with-hold some hidden costs just to win the business and the end product may turn out to be more expensive to the buyer


Sole Selection :- Pros

1) It is expected that the supplier is an expert in the product and will provide better service

Cons
1) Just because the supplier is perceived to be an expert and the buyer is dependent on them, they may engage in delay tactics and/or charge more money
2) The buyer does not have a benchmark to evaluate if the sole supplier is efficient and the product is of a high quality.
3) The buyer may be stuck with a legacy technology or product which does not let them expand their business lines or improve their efficiency.

Good summary Deepesh. In general you may go for sole source if you have a time constraint to take up bidding and you have a long term association with bidder in past. You need to have an in-house estimate to validate the price of sole source.