Categories: Product Development
A request for proposal (RFP) is a solicitation made, often through a bidding process, by an agency or company interested in procurement of a commodity, service or valuable asset, to potential suppliers to submit business proposals. The RFP presents preliminary requirements for the commodity or service, and may dictate to varying degrees the exact structure and format of the supplier’s response. Effective RFPs typically reflect the strategy and short/long-term business objectives, providing detailed insight upon which suppliers will be able to offer a matching perspective (Source: WikiPedia)
Definition of "RFP" by Chat GPT: RFP stands for Request for Proposal. It is a document or announcement that an organization issues to solicit proposals from potential vendors or suppliers for a specific project or service. The RFP outlines the requirements, scope of work, terms, and evaluation criteria that vendors need to address in their proposals.
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