RFI — Request for Information (RFI) is generally used when the solution to a business problem is not immediately evident or clearly defined. The RFI is used to gather information, not to make a selection or an award.
The Buyer works with the Customer to:
- Clearly describe the problem
- Solicit external expertise regarding how to solve the problem
- Study proposed solutions.
RFQ — Request for Quotation, is a request for vendors to submit a quote for a particular service.
An RFQ is generally used to
- Obtain pricing
- Delivery information
- Terms and conditions from suppliers
In this case, requestors have a clear understanding of what they need, including requirements and specifications. To procure the exact product or service you need,
The Customer provides the Buyer with as much information as possible, including
- Complete specifications
- Delivery schedule
RFP — Request for proposal (RFP) is also known as Request for Tender (RFT) in Europe, a document that requests a proposal from selected vendors.
RFP is used when the Customer understands the business problem and what’s needed to solve it, including
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