“RFP” is an acronym for Request for Proposal.
Here’s an example:
Company A decides it needs to hire a contractor to complete a project. Company A will then create an RFP, which is a set of requirements outlining said project. The RFP will contain a request that qualified vendors submit a proposal in response to the proposed project tasks (aka Statement of Work, or SOW).
Prospective vendors then prepare and submit proposals to Company A on or prior to a date specified in the RFP. These vendors are hoping to convince Company A that they’re the most qualified contractor to complete said tasks.
If you need help sorting through the response process, I’m your guy. Here’s a list of related acronyms you may encounter when dealing with RFP response:
- RFP – Request for Proposal
- RFQ – Request for Qualifications
- SOQ – Statement of Qualifications
- SOW – Statement of Work
- IDIQ – Indefinite Delivery/Indefinite Quantity
- RFI – Request for Information
- LOI – Letter of Interest
- SOI – Statement of Interest
- EOI – Expression of Interest
- Prequal or Prequalification Package
- IFB – Invitation for Bid
- BOM – Bill of Materials