Question

Define the steps in the procurement leading up to the RFP. Describe a cas where vendor demonstration might be of vital importance in aid your final purchase decision. How does the RFP form the basis of the contact?

Answer 1

Ans.

A request for proposal (RFP) is a document that solicits proposal, often made through a bidding process, by an agency or company interested in procurement of a commodity, service, or valuable asset, to potential suppliers to submit business proposals.

6 key steps involved in the RFP process

1. Step 1: Crafting the RFP document. ...
2. Step 2: Completing client discovery. ...
3. Step 3: Creating a vendor shortlist. ...
4. Step 4: Following up with shortlisted vendors. ...
5. Step 5: Completing the final evaluation. ...
6. Step 6: Creating, issuing, and signing the contract.

The purpose of a RFP is to detail the buyer's requirements, to ask or solicit proposals, and to detail how the procurement team will evaluate and negotiate a future contract. ... It does take time to properly complete a RFP, so allow enough time for prospective vendors to ask any questions and submit their proposal.

The Vendor Selection Process. You've identified your business objectives and project requirements, planned your project budget and established a case for it, outlined your product specifications, written your RFP, and evaluated the proposals you received. ... Bringing in vendors for demos with you and your stakeholders.

The process of the optimum selection of the supplier how a long-term nature. The selection process plays an important role in reducing the cost and time to market and also improves the quality of the products. The paper considers the choice of supplier due to the most significant criteria for producer.

There are eight common supplier selection criteria, in no formal order:

• Cost.
• Quality & Safety.
• Delivery.
• Service.
• Social Responsibility.
• Convenience/Simplicity.
• Risk.
• Agility.

the RFP form the basis of the contract-

A request for proposal is a project funding announcement posted by an organization for which companies place bids. The RFP outlines the bidding process and contract terms and guides how the bid should be formatted. RFPs are used primarily by government agencies to get the lowest possible bid.

Understanding Requests for Proposal (RFP)

RFPs outline the bidding process and contract terms, and provide guidance on how bids should be formatted and presented. They are generally reserved for complex projects. These requests specify the nature of the project and the evaluation criteria disclosing how proposals are graded. Requests may include a statement of work, describing tasks to be performed by the winning bidder and a timeline for providing finished work. They also include information on the issuing organization and its line of business.

The majority of RFPs are submitted by government agencies and others involved in the public sector. They are generally required to open up competition among private companies to make the process fair. To keep costs low, these agencies want to ensure they get the lowest and most competitive bid.

The reason an organization may put out an RFP is to get multiple bids. The seeking organization may benefit from multiple bidders and perspectives. For example, a business that wants to change its reporting process from a paper-based system to a computer-based system may put in a request for proposal for hardware, software, and user training to establish and integrate the new system into the business.