RFP (Request for Proposal)

A Request for Proposal (RFP) is a formal document issued by an organization to invite businesses or vendors to submit solutions and quotes for a specific project or service. It outlines the organization's needs, goals, and criteria for selection, encouraging vendors to propose how they can meet those needs along with pricing and timelines. RFPs help organizations compare different options objectively, ensuring they choose the best match for their requirements and budget. This process promotes transparency and competitive bidding, ultimately leading to more effective and efficient procurement decisions.