Which of the following is assessed in a Request for Quotation (RFQ)?

In a Request for Quotation (RFQ), the primary focus is on obtaining pricing information for specified goods or services from suppliers. The RFQ process allows buyers to solicit detailed pricing from multiple suppliers, facilitating a comparison to identify the most competitive offering. Price is critical because it directly impacts the budget and overall cost-effectiveness of the procurement process.

While other factors such as supplier reputation, environmental impact, and innovation potential may be important in the overall sourcing decision and could be assessed in different procurement stages, the RFQ is primarily concerned with capturing accurate pricing information. This makes price the most relevant aspect of an RFQ, as it serves as a key criterion for evaluating and selecting suppliers based on cost efficiency.