In procurement, the terms RFI (Request for Information), RFQ (Request for Quotation), and RFP (Request for Proposal) are often used interchangeably. However, each of these terms has its specific meaning and purpose in the world of procurement. An RFI is used to gather information from suppliers; it is typically addressed to a large number of suppliers and is used by buyers to gather information on pricing, timeline, and other key requirements regarding a particular product or service. An RFQ invites suppliers or vendors to submit a quote (a price proposal) based on specified criteria; this may either be a fixed price quote or an estimate of costs provided by the supplier. Lastly, an RFP is used to solicit official bids/proposals from potential suppliers. It includes more detailed specifications than an RFQ and requires potential suppliers to provide not only their prices but also background information about their capabilities and experience.