Definition of a Request for Proposal
By : Mark Bell -
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. 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.