(Mt) – HUST Similarities and Differences Discussion

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Use this as your final copy😊Running Head: SIMILARITIES AND DIFFERENCESSimilarities and DifferencesNameInstitutional AffiliationCourseDate1SIMILARITIES AND DIFFERENCES2Similarities and differences between RFI, RFQ, and RFPThe RFI, an abbreviation for “Request for Information,” refers to the initial documentutilized by firms that do not comprehend the market square they are getting into. For instance, inthe case of an organization searching for the CRM (Center, 2016). The organization will utilizethe RFI if it had no past experience with the CRM and desired to acquire a comprehension of avariety of options within a CRM space. A “Request for Proposal (RFP), is a document, whichasks the vendors to suggest solutions to the business requirements or the customer’s problems(Plessy, 2016). In most cases, the RFP follows the RFI; it is uncommon for a firm to go from RFIto RFQ. In contrast, an RFQ, which an abbreviation for “Request for Quotation” refers to aneven more precise document, which drills down to accurate specifications needed by a firm (Chuet al., 2017). In the case where the RFQ is utilized for the b2b software project, a firm knowsenough regarding its present systems and precisely how it wants to improve or change in future.Generally, a significant difference between an RFI, RFQ, and RFP is as follows. The RFIapplies when a company has no idea or concept of what it wants b…

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