Compare and contrast an RFP with an RFQ. Briefly discuss under what Essay

Compare and contrast an RFP with an RFQ. Briefly discuss under what circumstances would you intention each in an IT project - Essay ExampleA request for quotation is suitable for obtaining or sourcing supplies that are standardized as well as produced in a repetitive quality and quantities. It is used when the buyer has a list of pre-determined suppliers who have the technical specifications and commercial requirements for a product or process (Kappauf, Lauterbach & Koch, 2011).A request for proposal (RFP) is also a procurement document that a purchasing organization uses when it has a procurement problem, but it does not have intercourse how it wants to solve the problem. It is the most formal of a request in a procurement process and has strict rules for timeline, content, and vendor responses. Request for proposal focuses on more than just the cost or pricing of the project or supplies. The purchasing organization tends to seek more information about the manner in which the supplier or asseverator will perform the contract. Apart from the cost of the project, the procurement department also seeks more concepts such as the skill of the supplier to meet the required quality as well as the technology a supplier uses. The buyer appraises a supplier or contractors ability and capability to perform the project on the basis of quality, financial capacity, technology level, and competence. The procurement department uses all these factors to select the best supplier or contractor for the contract. A request for proposal tends to notify suppliers of the buyers intention to purchase certain goods or services. The buyer gets a formal submission from the selected suppliers to relieve comparison of the proposals. A request for proposal tends to show that a buyer has a formal as well as a fair procurement process without favoring a certain preferred supplier (Stewart & Stewart,