Request For Proposal

Personally I don’t have experience in responding to RFP. A request for proposal (RFP) is a document that an organization posts to elicit bids from potential vendors for a product or service. For example, a new business or a business moving from a paper-based system to a computer-based system might request proposals for all the hardware, software, and user training required to establish and integrate the new system into the organization. A type of bidding solicitation in which a company or organization announces that funding is available for a particular project or program, and companies can place bids for the project's completion. The Request For Proposal (RFP) outlines the bidding process and contract terms, and provides guidance on how the bid should be formatted and presented. A RFP is typically open to a wide range of bidders, creating open competition between companies looking for work.

Before an RFP is produced, the plan sponsor should consider what objectives it wishes to reach as part of the RFP process. In considering the goals for the RFP process, plan sponsors have an opportunity to utilize feedback from participants. Most plan sponsors would agree that both the plan and participants will ultimately be served best if time is spent evaluating a set of quality proposals in order to select the best offer, instead of spending time 'weeding out' the proposals that don't meet the plan's needs and selecting from those that are left. So RFP preparation time and no of people involvement is based on complexity of the proposal.

I do not have any experience with RFP. Request for proposals (RFP) are used in bidding process to submit business proposals. RFP states the requirements for the product or service in the exact structure and format of the supplier's response. RFP lets the suppliers know about the procurement service or material and gives them opportunity to come up with a best option. As the company is using the RFP for bidding, it specifies that