A project manager has requested the procurement department collect detailed solutions with cost estimates from qualified third-party vendors. This is an example of an:

The correct answer is D. RFQ. RFIs and RFQs may be used interchangeably but may also have different meanings in different organizations, so make certain you understand which document to use according to your organization’s process. Regardless of what these documents are called, they should include your SOW…

Tools and documentation

Question

Options

AMOA
BRFP
CRFI
DRFQ
EMOU

How the community answered

(33 responses)

B
3% (1)
C
9% (3)
D
85% (28)
E
3% (1)

Explanation

RFIs and RFQs may be used interchangeably but may also have different meanings in different organizations, so make certain you understand which document to use according to your organization’s process. Regardless of what these documents are called, they should include your SOW, information regarding how responses are to be formatted and delivered, and a date by which responses must be submitted. Potential vendors may also be required to make a formal presentation, or they may be asked to submit a bid.

Topics

#procurement management#RFQ#vendor management#cost estimates

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