RFP stands for Request for Proposal, and RFQ stands for Request for Quote. The RFP process is a competitive solicitation process that organizations use to select suppliers and services that meet their needs. It involves issuing an invitation to vendors and inviting them to submit detailed information about how they can fulfill specific requirements of the organization. An RFQ, on the other hand, is usually shorter and less time-intensive than an RFP. It provides vendors with an opportunity to provide their pricing information without having to make a full proposal. Together, these processes are used to ensure that organizations select qualified suppliers and services that will help them achieve their objectives at the best price possible.