RFQ
Business & Finance abbreviation · Management & Strategy
| Stands for | Request for quotation |
|---|---|
| Categories | Business & Finance |
RFQ stands for Request for quotation, a management & strategy abbreviation.
Procurement document asking suppliers to quote prices and delivery terms for goods or services whose specifications are already fixed, such as 10,000 units of a standard part. Because requirements are clear, the buyer usually selects mainly on price, lead time and payment terms.
Example: We sent the RFQ for 2,500 laptop docking stations to four distributors and expect quotes by Friday.
Usage notes
Sometimes expanded as "request for quote." Compared with an RFP, an RFQ leaves little room for vendors to propose alternative solutions. Procurement teams often move through RFI, RFP and RFQ stages for a large purchase, and the three are collectively called RFx.
Related abbreviations
More management & strategy abbreviations
- QBR – Quarterly business review
- QC – Quality control
- R&D – Research and development
- RCA – Root cause analysis
- RFI – Request for information
- RFP – Request for proposal
- RFT – Request for tender
- SAM – Serviceable addressable market
- SBU – Strategic business unit
- SLA – Service-level agreement
- SLT – Senior leadership team
- SMART – Specific, measurable, achievable, relevant, time-bound