A(n) ____ is a formal document sent to vendors that states requirements and solicits proposals to meet these requirements.
A) invitation to negotiate
B) request for quotation
C) request for bid
D) request for proposal

Question

Quizplus · Accepted Answer

A request for proposal (RFP) is a formal document sent to vendors that states requirements and solicits proposals to meet these requirements. The purpose of an RFP is to communicate to suppliers what an organization is looking for in a vendor and to solicit a response detailing how the supplier can meet those needs. It is commonly used in procurement and sourcing processes in both the public and private sectors. An invitation to negotiate (A) is a communication by a buyer to a seller to begin negotiations, while a request for quotation (B) is a document that asks potential suppliers to provide a quote for a specific product or service. A request for bid (C) is a formal invitation to potential suppliers to submit a bid to supply goods or services.

A(n) ____ Is a Formal Document Sent to Vendors That