As supply chains continue to globalize, the need for robust supplier qualification and supplier selection and evaluation programs becomes increasingly critical. In this context, this paper aims to present a methodological approach for the optimization of the procurement processes in today’s globalized supply chains. More specifically, we first provide a categorization of the relevant past research efforts, and then propose a generic methodological framework for the supplier selection and supplier evaluation problem. This framework is constituted by a five phased conceptual decision-making methodology that outlines the whole life cycle of the supplier selection and evaluation processes. In addition, we provide a new analytical goal-programming model for the initial selection and the periodic re-evaluation of suppliers in today’s globalized environment. This mathematical programming model is based on newly developed and integrated real world supplier quality indices.