Requests for quotation are similar to requests for proposals in that they are a mechanism that is utilized throughout and across many professional industries, and are not restricted in utilization to that of project management. In many industries, requests for quotations are solicited by buyers or purchasers of long term and or elaborate projects or products to sellers or purveyors of such in the attempt to determine what the different ideas and strategies each of these purveyors may have. Typical lint he area of project management, the request for quotation functions very similarly to a request for an estimate in that the request for proposal serves as a type of procurement form that is used for the purpose of requesting or soliciting quotations or estimates from prospective purveyors or sellers of a series of products and or services. While this definition is very broad, in some the definition may in fact be much narrower, depending on the particular application area that it is being utilized in reference to.
This term is defined in the 3rd and the 4th edition of the PMBOK.
[…] the vendor will claim it is simply cost recovery). Every project management request for quotation (RFQ) should stipulate that quotes must contain a line by line breakdown of all costs including […]