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 |
