The official business definition of RFP (Request for Proposal) and RFQ (Request for Quotation) in project management is that they are both documents used to solicit bids from vendors and contractors. An RFP is a more comprehensive document that outlines the project scope, objectives, timeline, and requirements. It also provides an opportunity for vendors to provide their solutions and services to meet the project’s needs. An RFQ is a more basic document that simply requests a quote for a specific product or service. It does not provide any details about the project, but instead simply requests a price for the item or service. Both RFPs and RFQs are important tools in project management, as they provide a way for project managers to compare different vendors and make an informed decision about which one to hire.