{"id":4693,"date":"2022-05-25T12:18:36","date_gmt":"2022-05-25T12:18:36","guid":{"rendered":"https:\/\/zaratechs.com\/?p=4693"},"modified":"2022-05-25T12:18:36","modified_gmt":"2022-05-25T12:18:36","slug":"what-project-managers-should-know-about-requests-for-information-rfi-and-requests-for-quotations-rfq","status":"publish","type":"post","link":"https:\/\/zaratechs.com\/what-project-managers-should-know-about-requests-for-information-rfi-and-requests-for-quotations-rfq\/","title":{"rendered":"What Project Managers Should Know About Requests for Information (RFI) and Requests for Quotations (RFQ)"},"content":{"rendered":"\n
Request for information (RFI) and Request for quotations (RFQ) are commonly used by companies in their B2B business dealings to get business from corporations and government organizations. <\/p>\n\n\n\n
The process of procurement of goods and services is channelized through RFI and RFQ processes.<\/p>\n\n\n\n
Both RFI and RFQ have their unique features, and business executives would gain the benefit of securing bid opportunities from knowing the distinct qualifications of each.<\/p>\n\n\n\n
RFI and RFQ gather information from the vendors and act as tools to reduce risk, save money, and select the best vendor.<\/p>\n\n\n\n
Here\u2019s a quick guide to RFIs and RFQs for the project managers. <\/p>\n\n\n\n
Request For Information<\/strong><\/p>\n\n\n\n Companies use a questionnaire called a request for information to ask vendors about the products and services they are offering to the company. RFIs give a wide range of information to the company including, general information about the vendor and his products and services, market details, and solution ideas for planning.<\/p>\n\n\n\n Businesses send out RFIs instead of unstructured emails to gather information in a structured, organized, and easy to review form. <\/p>\n\n\n\n Basics of RFI<\/strong><\/p>\n\n\n\n How to Write an RFI<\/strong><\/p>\n\n\n\n Project managers should keep in mind a few things while writing an RFI:<\/p>\n\n\n\n Request For Quotations<\/strong><\/p>\n\n\n\n A request for quotations is a written document that enlists the buying company\u2019s needs to gather detailed pricing and payment proposals from vendors that help the business make decisions on vendor selection. <\/p>\n\n\n\n Buying companies issue an RFQ to look for the lowest price of goods and services they need to procure. Ideally, project managers should use RFQs only if they are aware of the marketplace offerings and conditions thus, they do not have a questionnaire like an RFI. <\/p>\n\n\n\n When a project manager writes an RFQ, it is automatically assumed that the purchase is imminent, and the needs enlisted in the RFQ usually never change. <\/p>\n\n\n\n Basics of RFQ<\/strong><\/p>\n\n\n\n How to write an RFQ<\/strong><\/p>\n\n\n\n Project managers can keep the following points in mind while writing an RFQ:<\/p>\n\n\n\n How an RFI is different from an RFQ<\/strong><\/p>\n\n\n\nRequest For Information<\/strong><\/td> Request for Quotation<\/strong><\/td><\/tr> Purpose: <\/strong>To get general information about vendors<\/td> Purpose: <\/strong>To get pricing and payment-related information from vendors<\/td><\/tr> Asks: <\/strong>General questions <\/td> Asks: <\/strong>Questions about costing<\/td><\/tr> Style: <\/strong>Casual<\/td> Style: <\/strong>Structured<\/td><\/tr> Advantage: <\/strong>Give general information to help proceed further<\/td> Advantage: <\/strong>Give detailed pricing and payment information<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n