Request for Quotation (RFQ)
RFQs are most commonly used when: You have a commodity-style procurement (i.e. goods rather than services) Exact quantities and requirements are known. Price will be the primary evaluation factor used to determine a winning vendor.
When should RFQ be used?
Request for quotation or RFQ is a document, which purchasers use to invite bids on a project from suppliers. An RFQ is useful in scenarios when products need to be repeatedly procured in same quantities, or when products are standard.
When should you use an RFQ instead of an RFP?
If you're shopping for very specific services and know exactly what you want, then an RFQ is your best best. If you're close to a purchase but open to ideas, an RFP is probably the way to go.
