What is the difference between an RFP and an RFQ?© BrainMass Inc. brainmass.com June 3, 2020, 9:16 pm ad1c9bdddf
A Request for Proposal (referred to as RFP) is an invitation for suppliers, through a bidding process, to submit a proposal on a specific commodity or service. A bidding process is one of the best methods for leveraging a company's negotiating ability and purchasing power with suppliers.
The Request for Quotation (RFQ) is used where discussions aren't required with bidders (mainly when the specifications of a product or service are already known), and price is the main or only factor in selecting the ...
The solution discusses what is the difference between an RFP and an RFQ.