What is a Request for Proposal (RFP)? RFP Evaluation

Overview

A request for proposal (RFP) is a document issued by a business or organization to request bids from suppliers for products, solutions, and services. The RFP provides a procurement framework to streamline the initial stages of soliciting contractors. The RFP may also involve a request for pricing.

A complete demand proposal mainly includes a work description of the project that meets its needs, project requirements, expected project goals, customer supply terms, payment methods, contract form, project time, project application requirements, etc.

Example

For example, the Federal Railroad Administration (FRA) issues a call for proposals to finance, design, build, operate, and maintain a high-speed rail (HSR) system. Interested parties submit proposals that meet the documentation requirements. Based on the proposals received by the deadline, the Department of Transportation (DOT) establishes committees to further review and develop the proposals. DOT selects the proposal that best meets its goals and hires a company to do the work.

References

• 1. RFP Overview: Think Tank Encyclopedia [cited on 2018-03-25T16:00:00.000Z]
• 2. RFP Example: Investopedia [cited on 2018-03-25T16:00:00.000Z]