In Vendor Management, we come across these terms.

  • RFI – Request For Information
  • RFQ – Request For Quotation
  • RFP – Request For Proposal

But most of us find bit confusing. So, lets see the differences among those 3 terms. Following the Table, you may also find a nice video.

Type of Vendor Request Request for information Request for quotation Request for proposal
Purpose Looking for information or  not sure what solution might solve the problem You know exactly what you want and why, but need to explore financials When you’re ready and  evaluate many factors before making a choice
Questions Questions designed to educate and inform Questions about what it will cost to meet the requirements Specific, detailed questions about the service
Format Casual, asking for help Structured and prescriptive Formal and direct
Benefits Help inform next steps to meet business needs Allows buyers to focus on price Provides a clear comparison of vendor offers and capabilities

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Author: Chathura Ariyadasa

♚Father ♚Innovative Technical Architect ♚ Cyber Security Strategist ♞ vCISO | vCIO ♞ Blogger & an Adrenaline junkie...