Question

What is an RFP & What is an RFQ? Is the final outcome of both documents is the same?

Answer 1

RFP:-
RFP is short form of "Request for proposal".it is a document that asks vendors to propose solutions to a customer's problem or requirement. It is same as a RFI. An RFP Should contain ,what a company needs are by outlining the business goals for the project.
RFQ:-
RFQ is short form of "Request for quotation".It is more detailed document than RFP and it contains exact specifications required by the company.
Final outcome of both documents have some similarities,a part from those,these two documents have some differences.
RFQ is flexible than RFP that in RFQ the vendor can suggest creative solutions to the problem.
Unlike RFP, RFQ gives inshort,some positive changes required for business.