What is an RFP (Request for Proposal)?

An RFP, or Request for Proposal, is a formal document issued by an organization to solicit proposals from vendors for products or services that they require. The primary purpose of an RFP is to encourage suppliers or service providers to propose their solutions, capabilities, and pricing for fulfilling the buyer’s specific needs. This process allows organizations to gather a variety of options, promotes competition among vendors, and ultimately aids in making a well-informed decision.

By defining project requirements and expectations in the RFP, organizations can better evaluate proposals based on pricing, project timelines, experience, and how well each vendor's offerings align with the organization’s objectives. This kind of formal procurement process is essential for significant purchases or projects, ensuring that the organization obtains the best value while also establishing clear criteria for evaluation.

The other options pertain to different aspects of project management but do not accurately define an RFP. A guideline for team roles relates to team dynamics and responsibilities, internal resource allocation is focused on managing resources within an organization, and a summary report of project success evaluates outcomes rather than soliciting proposals.