RFP and RFI

Question 1

What are Requests For Proposal

Answer 1

Formal document that is issued when organisations are seeking proposals for vendors, suppliers or service providers to address a specific need or problem

Question 2

What do RFP outline?

Answer 2

Organisation’s requirements and expectations

Question 3

Purpose of RFP (3)

Answer 3

• Solicit competitive bids for a project or service
• evaluate potential vendors or partners based on their capabilities, pricing and approach
• Ensures the organisation selects the best solution to meet its objectives

Question 4

When is RFP used? (2)

Answer 4

• Complex problems requiring custom solutions
• Multiple vendors could provide similar services and the organisation needs to compare options

Question 5

Example for when RFPs are used (3)

Answer 5

Selecting a new software provider, hiring a consultant, outsourcing business operations

Question 6

What does RFP include (6)

Answer 6

• Project Overview
• Scope of work
• Proposal requirements
• Evaluation criteria (how proposals will be assessed; cost, quality, timeline)
• Timeline
• Budget

Question 7

What is a Request for Information

Answer 7

Document to gather preliminary information from potential vendors, suppliers or service providers.

Question 8

When is a RFI issued?

Answer 8

Issued at the early stages of a procurement process to explore available solutions, understand market capabilities and narrow down options.

Question 9

Purpose of RFI (4)

Answer 9

• Information gathering
• Understanding the market
• Pre-screening vendors
• Clarify Requirements

Question 10

When is RFI used

Answer 10

when a company doesn’t have a clear idea of the available options or best solutions

Question 11

What does RFI include (4)

Answer 11

• Background information
• Setting objectives
• Setting questions to vendors
• Submission guidlines

Question 12

Why are RFIs important? (3)

Answer 12

• Explore possibilities
• Saves time (focuses efforts on vendors most likely to meet the organisation’s requirements)
• Informs decision-making

Question 13

Example for a RFI

Answer 13

If company wants to implement a new Customer Relationship Management system but unsure
-> can issue a RFI to CRM vendors

• vendors would respond with details about their software, key features and potential benefits

Question 14

Difference between RFI and RFP

Answer 14

RFI- asking for general information to understand options
RFP- asking for specific solutions and prices to make a decision