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In project management, RFP stands for request for proposal. An RFP is a formal request sent from a buyer to potential vendors seeking a product, service or solution. The RFP document asks all vendors the same questions. Then, interested vendors submit their answers in a proposal document for consideration.

The RFP Process at a GlanceStep 1: Identify Your RFP Team.Step 2: Gather Requirements.Step 3: Vendor Invitation.Step 4: NDA Process.Step 5: Compile Questions.Step 6: Compile Pricing Template.Step 7: Construct an RFP Overview Document.Step 8: Timeline for RFP.

While there are many different components of an RFP, there are three that rise to the top in terms of importance and overall time benefit -- defining your need, determining your communication strategy and coming up with evaluation criteria.

Questions to Ask Before Starting the RFP ProcessWhat is the problem?What are your goals for the project, and do they align with the goals of your company?What are your requirements?What is the scope of the project?Does the new solution integrate with existing systems?What is your budget?What is your timeline?More items...?Jun 14, 2018

RFP Stage means the stage of the bidding process for the Project where the Shortlisted Bidders submit their Proposals in response to the RFP; Sample 1.

The 7 key elements of an RFP outlineElement 1: Organizational overview & background.Element 2: Project goals.Element 3: Scope of services.Element 4: Project requirements.Element 5: Proposal format & contact information.Element 6: Proposal delivery instructions.Element 7: Evaluation criteria and timeline.Jul 24, 2019

Broadly speaking, a basic RFP consists of the following sections: A project overview and administrative information section contains an overview or summary statement of the problem, similar to a proposal's executive summary, as well as the administrative information concerning the management of the RFP.