What is a Request for Proposal (RFP)?

In project management, a Request for Proposal (RFP) is equivalent to sending out a complete work description to possible service providers, similar to detailing everything you need from a contractor for a home improvement. It is a formal document that is used to encourage vendors or suppliers to submit bids outlining how they will meet the project criteria. The RfP explains the project’s goals, needs, and expectations, and asks suppliers to explain how they intend to achieve those needs, as well as present their methodology, pricing, timeframe, and any other pertinent information. This procedure assists project managers in gathering several proposals and selecting the vendor that best meets the project’s demands and objectives.