What is the difference between an RFQ and RFP?
The main difference between RFP and RFQ is that an RFQ is sent when a business already knows what they want to purchase and only needs more information about the price, and an RFP is sent when a business needs more detailed information about the product or service itself.
What is the RFP process?
The RFP process begins with drafting a request for proposal. Bidders review the solicitation and submit suggestions for improvement. After implementing feedback, the final request for proposal is issued. Bidders then submit their proposals.
What should an RFP include?
- Background information.
- Detailed description of the project.
- Specific requirements about preferred systems, tools, materials, or products.
- Project deadline along with explicit dates and milestones.
- Any questions you would like the potential vendors to answer or materials to submit.