What is the Difference Between RFI RFP and RFQ?

The main difference between Request for Information (RFI), Request for Proposal (RFP), and Request for Quotation (RFQ) lies in their purpose and the level of detail they require. Here is a summary of their key characteristics:

1. Request for Information (RFI):

• Purpose: Gathers general information about vendors, their capabilities, and the products or services they offer.
• Style: Informal and relaxed, aiming to create a relationship between the buyer and potential vendors.
• Advantage: Helps establish a relationship with a vendor and allows for a better understanding of their capabilities.

1. Request for Proposal (RFP):

• Purpose: Solicits for information on how a supplier intends to deliver on the project should they be awarded the contract.
• Style: More formal and serious, demanding actionable information from suppliers.
• Advantage: Provides a clear understanding of how a potential vendor will solve the buyer's problem.

1. Request for Quotation (RFQ):

• Purpose: Demands information about what a solution will cost, as per each supplier.
• Style: In-depth, explaining exactly what the procuring organization wants, making it easy for suppliers to offer accurate pricing.
• Advantage: Helps the buyer get a better picture of the solution they're looking for and compare prices from different vendors.

In summary, an RFI is used when you want to gather information about vendors and their offerings, an RFP is used when you want to understand how a vendor will solve a specific problem, and an RFQ is used when you want to compare prices and detailed requirements from different vendors.

Comparative Table: RFI RFP vs RFQ

The main difference between RFI, RFP, and RFQ lies in their purpose and the level of detail they require. Here is a summary of each:

Here is a comparison table of the differences between RFI, RFP, and RFQ:

In summary, use an RFI when researching potential solutions, an RFP when evaluating the overall value a vendor can offer, and an RFQ when quantifying the cost of meeting a specific need.