Whats the Difference Between RFI and RFP?


Have you heard of the acronyms RFI, RFP, or RFQ but are unsure what they mean? Watch the YouTube video “RFP vs. RFQ vs. RFI Explained!” for a brief explanation of these acronyms. They are used in the procurement and sourcing processes of various industries. RFQ stands for request for quotation, RFP stands for request for proposal, and RFI stands for request for information.

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Procurement Acronyms Explained

A request for proposal is a procurement document that a business sends to prospective vendors and suppliers to request proposals from them. These proposals are for a project or procurement initiative involving the business owner. The business owner or buyer will highlight their objectives in the request, while the vendors reply with comprehensive solutions. The buyer will select the most advantageous proposal.

A request for quotation works on a similar principle. The business owner or buyer will request quotes highlighting their needs for specific goods or services. The vendors or suppliers respond with quotations highlighting their pricing and terms and conditions. The goal is to compare pricing for goods and services.


Finally, a request for information is another document that works on the same principle. The buyer sends out a request for information on products and services. The vendors or suppliers respond with detailed information about their products or services and how these can benefit the business owner or buyer. Now you know what an RFI and RFP are.