If services or products will be provided by vendors, the cost of those services can be determined by issuing an RFP.

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Request for Proposals (RFP) is a commonly used procurement tool by organizations to obtain competitive offers for services or products from vendors. The RFP includes details about the requirements, specifications, scope of work, timelines, and evaluation criteria for the project. Vendors respond with proposals, which include their cost estimates, approach, and capabilities. The organization evaluates the proposals based on the predetermined criteria and selects the vendor that offers the best value for money. Therefore, issuing an RFP is an effective way to determine the cost of services or products provided by vendors.

If Services or Products Will Be Provided by Vendors, the Cost