What is a Request for Proposal?
Definition
RFP stands for Request for Proposal—a formal business document used to solicit vendor proposals for products or services. In business and procurement, an RFP communicates requirements, establishes evaluation criteria, and enables objective vendor comparison. An RFP outlines product specifications, security requirements, implementation expectations, pricing structures, and vendor qualifications needed to make informed software purchasing decisions."
Why This Matters
A formal RFP creates standardized vendor comparisons and protects your procurement process. Without one, you're comparing inconsistent information and relying on sales presentations rather than documented capabilities. An RFP ensures every vendor answers the same questions, enabling objective evaluation based on your actual requirements.
Related Terms
Showing semantically related terms from our RFP knowledge graph. Priority connections are highlighted.
Essential Connections
RFP Process
RFP Fundamentals
The systematic workflow for soliciting and evaluating vendor proposals including planning, document creation, vendor outreach, response collection, evaluation, and final selection.
Vendor Selection
Vendor Management & Evaluation
The systematic process of evaluating and choosing software vendors based on product capabilities, security compliance, implementation support, company stability, and pricing.
Procurement Process
RFP Fundamentals
The end-to-end process of identifying needs, evaluating vendors, negotiating contracts, and procuring software or services for an organization.
RFP Response
RFP Fundamentals
Complete vendor submission addressing all RFP requirements, questions, and evaluation criteria.
Vendor Qualification
Vendor Management & Evaluation
The process of verifying vendors meet minimum requirements for financial stability, industry experience, customer references, security certifications, and regulatory compliance before allowing RFP participation.
Evaluation Criteria
Vendor Management & Evaluation
Standardized requirements used to assess and compare software vendors including product capabilities, security certifications, implementation methodology, support SLAs, and pricing structure.
RFI
RFP Fundamentals
Request for Information - a preliminary document gathering basic vendor capabilities and qualifications before the formal RFP.
RFQ
RFP Fundamentals
Request for Quote - a procurement document requesting price quotes for well-defined products or services.
RFP Examples
RFP Fundamentals
Sample Request for Proposal documents demonstrating proper structure, question formatting, evaluation criteria, and vendor requirements across different industries.
RFP vs RFQ
RFP Fundamentals
RFP (Request for Proposal) evaluates comprehensive vendor capabilities including product features, security, and implementation support, while RFQ (Request for Quote) requests pricing for predefined requirements.
RFP Evaluation
Vendor Management & Evaluation
The systematic process of reviewing, scoring, and comparing vendor RFP responses using predefined evaluation criteria and scoring rubrics.
Procurement Lifecycle
Pricing & Total Cost
The end-to-end process for acquiring software including needs assessment, requirements definition, RFP creation, vendor evaluation, contract negotiation, implementation, and ongoing management.
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Related RFP Templates
Explore our top RFP templates - all 75 templates include questions about request for proposal