What is the major difference between RFP, RFI and RFQ?

These are the request frequently used by procurement people:

RFP – Request for Proposal It is a business requirement based request for specific solution to the sourcing problem.

RFI – Request for Information Is an open inquiry that spans the market seeking broad data and understanding.

RFQ – Request for Quotation is an opportunity for potential suppliers to competitively cost the final chosen solution.

A Request for Information (RFI) is used when you think you know what you want but need more information from the vendors. It will typically be followed by an RFQ or RFP.

ARequest for Quote (RFQ) is commonly used when you know what you want but need information on how vendors would meet your requirements and/or how much it will cost.   

ARequest for Proposal (RFP) is used when you know you have a problem but don’t know how you want to solve it. This is the most formal of the “Request for” processes and has strict procurement rules for content, timeline and vendor responses.

I fully agree with MR vinod jetley. 

thanks.

RFP (Request for Purchase)  - You will request for the things to buy. 

RFQ (Request for Quotation) - You will request for the price/cost of the things including the discounts and taxes. 

RFI - Request for Information - You will request for a thing/subject you don't understand or needs to be more detailed. 

I agree with Mr. Jetley and Mr. Hussain.

Request for information (RFI) is a standard business process whose purpose is to collect written information about the capabilities of various suppliers. Normally it follows a format that can be used for comparative purposes

Request for proposal (RFP) is a document that an organization posts to elicit bids from potential vendors for a product or service.

Request for quotation (RFQ) is a standard business process whose purpose is to invite suppliers into a bidding process to bid on specific products or services. RFQ. An RFQ typically involves more than the price per item.

Very well answered by all…I think no space for additional info.

RFI =  request for information ---> ask for more detailed description or descripancies of an item or element

RFP= request for procurement ---> request for things purchase or buy

RFQ= request for quotation--->request for price or cost of an item or elements