Explanation
A request for proposal (RFP) is a type of procurement document used to request proposals from prospective sellers of products or services. An RFP describes the problem or need, the desired solution, the evaluation criteria, and the contractual terms and conditions. An RFP invites sellers to submit a detailed proposal that explains how they will meet the buyer's requirements and expectations. An RFP is used when the buyer has a complex or high-value problem or need, and wants to compare different approaches and solutions from various sellers. A request for quote (RFQ) is a type of procurement document used to request price quotations from prospective sellers of products or services. An RFQ describes the specifications, quantity, quality, and delivery schedule of the products or services. An RFQ invites sellers to submit a fixed-price quotation that indicates the cost of providing the products or services. An RFQ is used when the buyer has a well-defined or standard problem or need, and wants to compare the prices and terms from various sellers. A request for information (RFI) is a type of procurement document used to request general information from prospective sellers of products or services. An RFI describes the problem or need, the objectives, and the scope of the project. An RFI invites sellers to provide information about their capabilities, experience, references, and feedback. An RFI is used when the buyer has a vague or unclear problem or need, and wants to gather more information and knowledge from various sellers. A request for bid (RFB) is a type of procurement document used to request bids from prospective sellers of products or services. An RFB describes the specifications, quantity, quality, and delivery schedule of the products or services. An RFB invites sellers to submit a sealed bid that indicates the cost of providing the products or services. An RFB is used when the buyer has a well-defined or standard problem or need, and wants to select the lowest bidder among the qualified sellers. References: CBAP Handbook, CBAP Exam Prep Study Guide, Project Management Institute