The official business definition of RFI (Request for Information), RFQ (Request for Quotation), and RFP (Request for Proposal) are all tools used by companies to help them make the best decisions when it comes to purchasing goods and services. An RFI is used to collect information from vendors about their products and services. It is used to help companies narrow down their choices and make an informed decision. An RFQ is used to obtain a price quote from vendors for a specific product or service. It is used to compare prices and select the best option. Finally, an RFP is used to solicit proposals from vendors for a specific project or service. It is used to evaluate the different vendors and select the one that best meets the company’s needs. All three of these tools are essential for companies to make the best decisions when it comes to purchasing goods and services.
