What does an RFQ stand for?

An RFQ stands for Request for Quotation. This term is commonly used in procurement and supply chain management to gather price quotations from suppliers for specific goods or services. The RFQ process allows organizations to obtain competitive pricing, helping them make informed purchasing decisions. In an RFQ, the buyer outlines the requirements of the requested items, including specifications, quantities, and timelines, so that suppliers can provide detailed quotations. This is a crucial part of the procurement process, as it facilitates transparency and competition among suppliers, ultimately benefiting the organization in terms of cost-effectiveness and value.