Mediformatica - The Medical Informatics Portal

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R

RFI

A Request for Information (RFI) is a proposal requested from a potential seller or a service provider to determine what products and services are potentially available in the marketplace to meet a buyer's needs and to know the capability of a seller in terms of offerings and strengths of the seller. RFIs are commonly used on major procurements, where a requirement could potentially be met through several alternate means. An RFI, however, is not an invitation to bid, is not binding on either the buyer or sellers, and may or may not lead to an RFP or (RFQ).

RFP

A Request for Proposal (referred to as RFP) is an invitation for suppliers, through a bidding process, to submit a proposal on a specific Commodity or Service.

RFQ

The Request for Quotation (RFQ) is used where discussions aren't required with bidders (mainly when the specifications of a product or service are already known), and price is the main or only factor in selecting the successful bidder. RFQ may also be used as a step prior to going to a full-blown RFP to determine general price ranges. In this scenario, products, services or suppliers may be selected from the RFQ results to bring in to further research in order to write a more fully fleshed out RFP.

RD Glossary by Run Digital