Certified Professional Contract Manager (CPCM) 2025 – 400 Free Practice Questions to Pass the Exam

An RFQ, or Request for Quotation, is specifically designed to solicit detailed price quotes from potential suppliers for specified goods or services. This procurement tool is utilized when an organization knows exactly what it needs and is looking to compare costs from various suppliers to make an informed purchasing decision.

The primary focus of an RFQ is to receive clear, quantifiable responses, typically including pricing, delivery timelines, and terms and conditions associated with the offered goods or services. This allows the organization to effectively evaluate and select a supplier based on the most favorable financial terms.

While operational capabilities and service delivery methods may be relevant in broader contexts such as RFPs (Requests for Proposals), they are not the main intent of an RFQ. Additionally, feedback on previous contracts does not directly relate to the pricing and specifics requested in an RFQ, reinforcing that the primary purpose of the RFQ is to gather pricing information for the specified goods or services.