RFP stands for Request for Proposal. When government agencies or individual companies need a particular service provider, a specific type of software or the essential hardware for things like banking systems, they send out an RFP. The request goes out to vendors who may be able to meet the requirements.An RFP is a document, usually in Microsoft Word or Excel, that often includes many questions
. about the vendor. RFP questions cover the history of the vending company, company financials and in-depth inquiries about the service or product offered. The responses to these questions end up being the content for the actual proposal requested. This is the source of the term "Request for Proposal."Because many companies regularly issue an RFP for due diligence purposes, they often create free RFP templates for each kind of vendor they do business with. The best free RFP templates are created from scratch by the company, and these are preferred because they meet very individual requirements. However, there are a few free RFP templates available online for basic starting points.Sometimes, a smaller form of the RFP is issued. An RFQ is a request for questions. An RFI is a request for information. These preliminary requests often screen vendors for the release of an RFP in the near future. At a minimum, every request type should ask vendors about the history of the company they represent. A properly designed request helps the vendor present themselves accurately and easily. An RFP should ask detailed questions about the length of time in business and ask for the biographies of all company officers. Information collected should include details about business insurance, financial standing and specific questions about products. Additionally, it is important that each type of request inquires about emergency and disaster recovery programs in use by the vendor.More reference links: http://rfp.technologyevaluation.com www.techsoup.org/learningcenter/techplan/page5086.cfm
