Mini Lecture Summary

Students: Michael Delanimati –S11051589.

Saupati Makatui – S89087530.

What is the purpose of a Request for Proposal? What are some elements that may be included in a
RFP?

SUMMARY:

WHAT IS AN RFP

1. An RFP is a document containing a detailed list of technology and business requirements for
a given project that a company chooses to make the specifications public. This document is
typically sent to a targeted group of vendors with the purpose to solicit their proposals (bids)
to work on your project.
2. This usually is done to have several companies bid on the work, thus producing more
competitive prices. However, if it is not done correctly, it can produce no bids or bids that
are a waste of your time.
3. An RFP is an early stage in a procurement process of a project. It is the process of issuing an
invitation for suppliers, through a bidding process on a specific commodity or services that
they can provide.
4. The RFP process brings structure to the procurement decision and allows the risks and
benefits to be identified clearly upfront.
5. Effective RFPs typically reflect the strategy and short/long-term business objectives,
providing detailed insight upon which suppliers will be able to offer a matching perspective.
6. Preparation of RFPs depending if they are quite elaborate, it could often take a considerable
amount of time to perform all the necessary steps. These steps include: assessing the
project, researching potential solutions, writing the proposal, and choosing the vendor best
aligned with your business requirements, objectives, and budget.

THE RFP PROCESS:

1. Evaluate the Project.

2. Plan and Document.

3. Research and Target Vendors.

4. Develop and Write RFP.

5. Distribute RFP to Select Vendors.

6. Allow Time for Vendors to Return Proposals.

7. Evaluate Vendor Proposals.

8. Compile a List of the Most Favourable Vendors.

9. Select the Vendor.

10. Develop a Contract.