What is an Invitation for Bid (IFB)?

An Invitation for Bid (IFB) in project management is like sending out a formal invitation to potential suppliers, asking them to submit their best offers for a project, similar to requesting price quotes from different contractors to renovate your home. It’s a document that details what the project requires and invites interested parties to bid on the project by providing their proposed costs and terms. Think of it as sending out a call to contractors, asking them to compete by offering their best price and terms to complete a specific job or project. This helps in selecting the most suitable supplier based on their proposals and the project’s requirements.