RFP. A description of work to be done that is used to solicit bids from potential service providers. An RFP usually includes a description of the organization and its plans, details about the service under consideration for outsourcing and specific requirements expected of the service provider. There\’s a deadline attached to it to ensure that interested service providers respond in a timely manner. The structure of the document is intended to aid in comparison of responses across providers.
Contributed by: Sourcingmag.com