Requests for Quotation (RFQs) are typically used for:

Requests for Quotation (RFQs) are primarily used as a method for obtaining quotes from a number of bidders for specific products or services. The main purpose of an RFQ is to gather price and availability information to facilitate comparison among suppliers, allowing the buyer to make an informed decision based on the best value.

Using an RFQ allows organizations to solicit competitive offers, which can help in identifying the most cost-effective solution while ensuring that the quality and specifications required are met. This process can be applied to a wide range of procurement scenarios, regardless of the value of the items being sourced, making it a versatile tool for purchasing decisions.

The focus of RFQs on obtaining multiple bids also enables organizations to leverage competitive pressure, potentially leading to better pricing and terms. As a sourcing strategy, it is particularly useful when the buyer has clear specifications and can easily compare offerings from different suppliers.

Other options, while related to procurement, do not accurately describe the primary use of RFQs. For instance, utilizing RFQs for high-value procurements exclusively might limit competitiveness, as even low-value items can benefit from the RFQ process. Similarly, an RFQ is not formulated for setting long-term contracts or assessing suppliers for strategic partnerships; these tasks typically involve more comprehensive evaluations