Investopedia / Theresa Chiechi A request for proposal (RFP) is a document by a government, business, or organization ... the lowest and most competitive bid. However, any private or public ...

A request for quote (RFQ), also known as an invitation for bid (IFB), is a process ... or before a request for proposal (RFP). A request for a quote (RFQ) is a business process in which a business ...