The project management plan requires the acquisition of a special part available from a supplier located abroad. Which source selection method is being used?

Least cost is a selection method that evaluates multiple competing bids and awards the contract to the lowest-priced qualified bidder, requiring more than one available supplier.

Qualifications only evaluates and selects a supplier based solely on credentials and experience, still implying multiple candidates are assessed.

Sole source is a source selection method used when there is only one qualified supplier capable of providing the required product or service, making competitive bidding impractical or impossible. Selecting a special part available only from a specific foreign supplier is a textbook example because no alternative vendors exist.

Fixed budget is a selection method where the budget is disclosed upfront and vendors compete on scope, not a method applicable when only one supplier exists.