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Certified Business Analysis Professional (CBAP) · IIBA
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p. 450 A Request for Quote (RFQ) procurement method of soliciting price and solution options from vendors
A Request for Quote (RFQ) is used when an organization knows exactly what product or service it needs and only wants vendors to provide pricing information. In this case, since the goal is to obtain a price for a commercial-off-the-shelf (COTS) solution, the RFQ is the appropriate procurement form.
request for quote (RFQ): A procurement method of soliciting price and solution options from vendors.