Request for Quotation Notes: Definitions & Explanations PDF | Download eBooks
Study Request for Quotation lecture notes PDF with project management definitions and explanation to study “What is Request for Quotation?”. Study request for quotation explanation with project management terms to review project management course for online MBA programs.
Request for Quotation Definition:
Request for quotation (RFQ) is commonly used when more information is needed on how vendors would satisfy the requirements and/or how much it will cost.
A Guide to the Project Management Body of Knowledge by Project Management Institute
Request for Quotation Notes:
A bid document can be written and distributed after the potential sellers are identified and the suitable seller must be selected. There is a need to ask potential sellers to send proposals for a particular project so that they can be evaluated based on those proposal. The bid documents are of different types depending on their use. One of this is called request for quotation (RFQ). Request for quotation is used when the buyer wants to know the costs of the products or services that are to be provided by the sellers/vendors along with the ways of requirements fulfillment. Request for quotation is used to invite prospective sellers for a bidding process and looks for the list for per item cost in addition to the overall cost.
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