The official business definition of RFP (Request for Proposal) and RFI (Request for Information) is a formal document used to solicit bids from potential vendors for a specific product or service. RFPs are typically used for larger, more complex projects that require a more detailed proposal, while RFIs are typically used for smaller, simpler projects. RFPs typically require a detailed description of the project, the desired outcomes, and the timeline for completion. They also include a list of requirements that must be met in order for the vendor to be considered. RFIs are less detailed and are used to collect information from potential vendors about their capabilities and experience. They may also include questions about pricing and delivery timelines. Both RFPs and RFIs are important tools for businesses to use when selecting vendors for projects.
