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Definition of a Request for Proposal
A request for proposal (RFP) is basically a publication of detailed requirements by a prospective buyer in order to solicit vendor quotations. Usually dedicated to software evaluation, comparison, and selection, a request for proposal may be issued to select any kind of products (tangibles) and services (non-tangibles). The purpose of the RFP is to provide a fair evaluation for all candidates and to provide the candidates with the evaluation criteria against which they will be judged. The RFP is a tool that helps the buyer select a vendor which best fits the bid requirements.
Thus, the RFP is seen as the bridge between expressed needs and solutions sought.
RFP is also known as: request for proposals, request for bids, request to bid, invitation to bid, ITB, invitation to tender, ITT, invitation to quote, ITQ, invitation for bids, IFB and request for quotation, RFQ.
Topics: RFP - Request for Proposal | »