RFP stands for which term?

RFP stands for which term?

• A. Request for Quotation
• B. Request for Proposal
• C. Statement of Work
• D. Initial-Process-Output

Answer: (B)

RFP stands for Request for Proposal. It’s a solicitation used in procurements where the buyer has defined what’s needed but wants multiple vendors to submit detailed proposals that cover their approach, timeline, and cost. This allows the buyer to compare how each vendor would solve the problem, including technical and management aspects, not just price. An RFQ, in contrast, focuses mainly on price quotes for a clearly defined scope. A Statement of Work describes the work to be performed and the expected deliverables, not the bid process itself. Initial-Process-Output isn’t a standard procurement term.

RFP stands for Request for Proposal. It’s a solicitation used in procurements where the buyer has defined what’s needed but wants multiple vendors to submit detailed proposals that cover their approach, timeline, and cost. This allows the buyer to compare how each vendor would solve the problem, including technical and management aspects, not just price. An RFQ, in contrast, focuses mainly on price quotes for a clearly defined scope. A Statement of Work describes the work to be performed and the expected deliverables, not the bid process itself. Initial-Process-Output isn’t a standard procurement term.