Request for Quote (RFQ) refers to one of the official procurement tools applied by organizations to have vendors present price quotations in light of the defined requirements of goods or services in a formal manner. This method is mostly applied in situations where the purchasing organization is sure of what exactly they need i.e. quantities, specifications, delivery etc but only want to get prices from different parties for comparison purposes. However, the comparison paper, including RFQ, is not as widely used as the RFP as it let’s one work on the strategy, design, and so on. RFQ strictly restricts one to cost analysis and clear division.
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