Request for Quotation (RFQ)

Definition:

An RFQ is a mini tender process where an RFQ document is published to a group of vendors to request their best competitive pricing in the form of a quotation.

Project Manager Usage Context

Project managers tend to use RFQs when they want to obtain an 'apples for apples' best pricing for standard off-the-shelf type items where quantities are already known.

RFQs often have quick turnaround times and vendors can respond with a simple quotation.

E.g. "We need 250 of those wide screen monitors - let's perform an RFQ to see which of our providers gives us the best pricing and lead times"

Comments / Tips

You should check with your organisation’s procurement team before drafting and publishing one of these.

Several standards as well as terms and conditions may need to be included as mandatory.