# What Are the Key Differences between an Rfp, an Rfq, and an Rfi in Strategic Sourcing? ▴ Question

**Published:** 2025-08-08
**Categories:** Question

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![Translucent circular elements represent distinct institutional liquidity pools and digital asset derivatives. A central arm signifies the Prime RFQ facilitating RFQ-driven price discovery, enabling high-fidelity execution via algorithmic trading, optimizing capital efficiency within complex market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-best-execution-framework.jpg)

![A sleek, institutional grade sphere features a luminous circular display showcasing a stylized Earth, symbolizing global liquidity aggregation. This advanced Prime RFQ interface enables real-time market microstructure analysis and high-fidelity execution for digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/institutional-grade-digital-asset-derivatives-trading-platform-displaying-global-liquidity-aggregation-and-real-time-price-discovery-for-rfq-protocols.jpg)

## Concept

In strategic sourcing, the instruments used to engage the market are protocols that define the flow of information and value. A [Request for Information](https://prime.greeks.live/area/request-for-information/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (RFI), a Request for Quotation (RFQ), and a Request for Proposal (RFP) represent distinct communication standards, each engineered for a specific phase of the [procurement lifecycle](https://prime.greeks.live/area/procurement-lifecycle/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite). Their application is a function of informational asymmetry between the buyer and the market.

The selection of one protocol over another dictates the nature of the dialogue, the granularity of the data received, and the ultimate strategic positioning of the procurement function. Understanding their structural differences is foundational to designing a sourcing process that is both efficient and robust.

![A sleek, multi-segmented sphere embodies a Principal's operational framework for institutional digital asset derivatives. Its transparent 'intelligence layer' signifies high-fidelity execution and price discovery via RFQ protocols](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-rfq-protocol-digital-asset-derivatives-execution-engine.jpg)

## The Reconnaissance Protocol ▴ Request for Information (RFI)

An RFI operates as the primary [market intelligence](https://prime.greeks.live/area/market-intelligence/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite)-gathering tool. Its function is to scan the landscape of potential solutions and suppliers when the buyer’s understanding of the market is nascent or requires updating. The RFI is characterized by its open-ended structure, soliciting broad, qualitative data on vendor capabilities, emerging technologies, and potential service models.

It is a low-stakes inquiry designed to educate the buyer, helping to shape and refine the requirements for a potential future purchase. The data returned from an RFI is not a commitment but rather a set of signals that informs the subsequent stages of a sourcing strategy, potentially leading to a more focused RFP or RFQ.

![A polished, cut-open sphere reveals a sharp, luminous green prism, symbolizing high-fidelity execution within a Principal's operational framework. The reflective interior denotes market microstructure insights and latent liquidity in digital asset derivatives, embodying RFQ protocols for alpha generation](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-rfq-execution-engine-prime-os-alpha-intelligence.jpg)

## The Price Discovery Protocol ▴ Request for Quotation (RFQ)

An RFQ is deployed when the object of procurement is precisely defined. Its purpose is singular ▴ to establish the most competitive price for a known quantity of a specific good or service. This protocol requires the buyer to provide a complete and unambiguous specification. In response, suppliers provide a firm price quotation.

The interaction is transactional and highly structured, minimizing ambiguity to ensure that the quotations received are directly comparable. An RFQ functions effectively in markets for commoditized items or when the technical parameters are so well-understood that price becomes the primary, if not sole, determinant of the award decision.

> A Request for Quotation is a structured, price-focused inquiry for a clearly defined product or service.

![Crossing reflective elements on a dark surface symbolize high-fidelity execution and multi-leg spread strategies. A central sphere represents the intelligence layer for price discovery](https://options.greeks.live/wp-content/uploads/2025/07/precision-algorithmic-trading-across-intersecting-liquidity-pools-for-institutional-digital-asset-derivatives-rfq-protocols.jpg)

## The Solution Design Protocol ▴ Request for Proposal (RFP)

The RFP is the most complex of the three protocols, designed to solicit a comprehensive solution to a multifaceted business problem. It is utilized when the buyer understands the need but is open to various approaches for fulfilling it. The RFP document provides a detailed account of the business challenge, the desired outcomes, and the criteria for evaluating potential solutions.

In response, suppliers submit a detailed proposal that outlines their proposed methodology, technical solution, project management plan, and associated costs. The RFP process is inherently comparative, evaluating vendors on a wide spectrum of factors beyond price, including innovation, expertise, and overall value.

![A central metallic lens with glowing green concentric circles, flanked by curved grey shapes, embodies an institutional-grade digital asset derivatives platform. It signifies high-fidelity execution via RFQ protocols, price discovery, and algorithmic trading within market microstructure, central to a principal's operational framework](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-system-view.jpg)

![Abstract geometric forms illustrate an Execution Management System EMS. Two distinct liquidity pools, representing Bitcoin Options and Ethereum Futures, facilitate RFQ protocols](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocols-high-fidelity-execution-6.jpg)

## Strategy

The strategic deployment of RFIs, RFQs, and RFPs within a procurement operating system depends entirely on the context of the purchase and the organization’s long-term objectives. The sequence and selection of these protocols are tactical decisions that influence everything from supplier relationships to risk exposure and the potential for innovation. A well-architected sourcing strategy leverages these tools not as isolated documents but as integrated components in a workflow designed to optimize value extraction from the supply market.

![Central mechanical hub with concentric rings and gear teeth, extending into multi-colored radial arms. This symbolizes an institutional-grade Prime RFQ driving RFQ protocol price discovery for digital asset derivatives, ensuring high-fidelity execution across liquidity pools within market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/precision-institutional-digital-asset-derivatives-rfq-protocol.jpg)

## Protocol Sequencing and Lifecycle Integration

The [strategic sourcing](https://prime.greeks.live/area/strategic-sourcing/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) lifecycle often dictates a logical progression in the use of these instruments. The process may be initiated with an RFI to map the market and identify a long list of capable suppliers. The insights gained from RFI responses are then used to construct a more detailed and informed RFP, which is issued to a shortlist of the most promising vendors identified.

Following the evaluation of RFP responses, an organization might proceed in several ways. It could select a strategic partner directly based on the comprehensive value presented in their proposal. Alternatively, for very complex procurements with modular components, the RFP could be followed by one or more targeted RFQs to the leading contenders to finalize pricing on specific, well-defined elements of the total solution. This multi-stage approach allows for a progressive reduction of uncertainty, starting with broad market exploration and culminating in precise commercial terms.

> Strategic sourcing effectiveness hinges on sequencing RFI, RFP, and RFQ protocols to progressively refine information and solidify commercial terms.

![A sophisticated institutional-grade device featuring a luminous blue core, symbolizing advanced price discovery mechanisms and high-fidelity execution for digital asset derivatives. This intelligence layer supports private quotation via RFQ protocols, enabling aggregated inquiry and atomic settlement within a Prime RFQ framework](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-prime-os-core-intelligence.jpg)

## Strategic Application Scenarios

- **New Technology Adoption** ▴ A company looking to implement a new enterprise software system would begin with an RFI to understand the different platforms and vendors available. Based on the findings, it would issue a detailed RFP to a shortlist of vendors whose capabilities align with its needs. The final negotiation might involve elements of an RFQ for specific service-level agreements or user licenses.

- **Commodity Purchasing** ▴ For sourcing standard office supplies or raw materials with universal specifications, the process may consist solely of a recurring RFQ issued to a pre-qualified list of suppliers to ensure continuous price competition.

- **Complex Professional Services** ▴ When hiring a consulting firm for a major organizational transformation, an RFP is the central instrument. It allows the company to compare different strategic approaches, methodologies, and the expertise of the proposed teams, aspects that an RFQ could never capture.

![A sleek, metallic instrument with a translucent, teal-banded probe, symbolizing RFQ generation and high-fidelity execution of digital asset derivatives. This represents price discovery within dark liquidity pools and atomic settlement via a Prime RFQ, optimizing capital efficiency for institutional grade trading](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocols-high-fidelity-execution-3.jpg)

## Comparative Protocol Framework

Choosing the correct protocol requires a clear understanding of the procurement context. The decision framework below illustrates the key variables that guide the selection process.

### Table 1 ▴ RFx Selection Matrix

| Factor | Request for Information (RFI) | Request for Quotation (RFQ) | Request for Proposal (RFP) |
| --- | --- | --- | --- |
| Primary Goal | Market education and supplier identification. | Competitive price acquisition. | Solution design and partnership selection. |
| Requirement Specificity | Low to moderate. Requirements are undefined. | Very high. Specifications are exact. | High. The problem is well-defined, but the solution is not. |
| Decision Driver | Quality of information and vendor capability. | Price. | Total value (price, quality, innovation, service). |
| Supplier Interaction | Collaborative and exploratory. | Transactional and formal. | Consultative and partnership-oriented. |

![A robust, dark metallic platform, indicative of an institutional-grade execution management system. Its precise, machined components suggest high-fidelity execution for digital asset derivatives via RFQ protocols](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-platform-high-fidelity-price-discovery-and-atomic-settlement-infrastructure.jpg)

![Sleek metallic components with teal luminescence precisely intersect, symbolizing an institutional-grade Prime RFQ. This represents multi-leg spread execution for digital asset derivatives via RFQ protocols, ensuring high-fidelity execution, optimal price discovery, and capital efficiency](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocols-best-execution-system.jpg)

## Execution

The execution phase of a sourcing event translates strategic intent into operational reality. The quality of the RFI, RFQ, or RFP document itself, and the rigor of the subsequent evaluation process, are the ultimate determinants of success. A systems-based approach to execution treats these documents not as static forms but as dynamic instruments for eliciting precise, comparable, and decision-useful data from the market.

![A futuristic, metallic structure with reflective surfaces and a central optical mechanism, symbolizing a robust Prime RFQ for institutional digital asset derivatives. It enables high-fidelity execution of RFQ protocols, optimizing price discovery and liquidity aggregation across diverse liquidity pools with minimal slippage](https://options.greeks.live/wp-content/uploads/2025/07/precision-engineered-platform-for-institutional-digital-asset-derivatives-rfq-protocol-optimized-execution-management-system-with-robust-liquidity-sourcing.jpg)

## Designing the Sourcing Instrument

The construction of the RFx document is a critical step that demands precision and foresight. Each component must be engineered to reduce ambiguity and elicit the specific information required for a valid comparison.

- **Defining the Scope and Objectives.** The introduction must clearly articulate the purpose of the request. For an RFP, this involves a detailed narrative of the business challenge and the desired future state. For an RFQ, it requires a precise specification of the goods or services.

- **Structuring the Response Requirements.** A well-designed RFx mandates a specific format for the supplier’s response. This is crucial for an “apples-to-apples” comparison. For an RFP, this means requiring distinct sections for the technical solution, implementation plan, team qualifications, and a detailed pricing breakdown. For an RFQ, it means a simple, standardized pricing template.

- **Establishing Evaluation Criteria.** The document must transparently communicate how responses will be judged. This promotes fairness and encourages suppliers to focus their efforts on the areas of greatest importance to the buyer. For an RFP, this is often expressed as a [weighted scoring](https://prime.greeks.live/area/weighted-scoring/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) matrix.

![Institutional-grade infrastructure supports a translucent circular interface, displaying real-time market microstructure for digital asset derivatives price discovery. Geometric forms symbolize precise RFQ protocol execution, enabling high-fidelity multi-leg spread trading, optimizing capital efficiency and mitigating systemic risk](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-request-for-quote-protocol-high-fidelity-execution-market-microstructure-intelligence-layer.jpg)

## Quantitative Evaluation Frameworks

While RFI responses are typically reviewed qualitatively, RFP and RFQ responses lend themselves to quantitative analysis. The goal is to create an objective, data-driven foundation for the award decision.

![Engineered object with layered translucent discs and a clear dome encapsulating an opaque core. Symbolizing market microstructure for institutional digital asset derivatives, it represents a Principal's operational framework for high-fidelity execution via RFQ protocols, optimizing price discovery and capital efficiency within a Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-rfq-protocol-execution-intelligence-engine.jpg)

## RFP Weighted Scoring Model

For complex proposals, a [weighted scoring model](https://prime.greeks.live/area/weighted-scoring-model/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) is the standard for systematic evaluation. It translates qualitative aspects of a proposal into a quantitative score, allowing for a structured comparison of diverse solutions.

### Table 2 ▴ Example of a Weighted Scoring Model for an RFP

| Evaluation Criterion | Weight (%) | Vendor A Score (1-5) | Vendor A Weighted Score | Vendor B Score (1-5) | Vendor B Weighted Score |
| --- | --- | --- | --- | --- | --- |
| Technical Solution Fit | 40% | 4 | 1.6 | 5 | 2.0 |
| Implementation & Support Plan | 25% | 5 | 1.25 | 3 | 0.75 |
| Vendor Viability & Experience | 15% | 4 | 0.6 | 4 | 0.6 |
| Total Cost of Ownership | 20% | 3 | 0.6 | 5 | 1.0 |
| Total Weighted Score | 100% | | 4.05 | | 4.35 |

In this model, the [weighted score](https://prime.greeks.live/question/how-does-a-counterparty-performance-score-differ-from-a-traditional-credit-score/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) is calculated by multiplying the score for each criterion by its assigned weight. The sum of these weighted scores provides a total that reflects the overall value of the proposal, guiding the selection committee toward a more defensible decision.

> A disciplined evaluation process transforms subjective supplier proposals into objective, comparable data points for decision-making.

![Polished metallic disks, resembling data platters, with a precise mechanical arm poised for high-fidelity execution. This embodies an institutional digital asset derivatives platform, optimizing RFQ protocol for efficient price discovery, managing market microstructure, and leveraging a Prime RFQ intelligence layer to minimize execution latency](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-precision-execution-via-advanced-rfq-protocols-and-prime-os-intelligence-layer-for-optimal-market-microstructure.jpg)

## References

- Van Weele, Arjan J. _Purchasing and Supply Chain Management_. Cengage Learning, 2018.

- Monczka, Robert M. et al. _Purchasing and Supply Chain Management_. 7th ed. Cengage Learning, 2020.

- Baily, Peter, et al. _Procurement, Principles & Management_. 11th ed. Pearson, 2015.

- Institute for Supply Management. _ISM Glossary of Key Supply Management Terms_. 6th ed. 2017.

- Chartered Institute of Procurement & Supply. _The Procurement and Supply Cycle_. CIPS, 2019.

![A sleek, modular institutional grade system with glowing teal conduits represents advanced RFQ protocol pathways. This illustrates high-fidelity execution for digital asset derivatives, facilitating private quotation and efficient liquidity aggregation](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-ecosystem-powering-high-fidelity-rfq-execution-and-optimal-liquidity-discovery.jpg)

## Reflection

![A transparent, precisely engineered optical array rests upon a reflective dark surface, symbolizing high-fidelity execution within a Prime RFQ. Beige conduits represent latency-optimized data pipelines facilitating RFQ protocols for digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-system-architecture.jpg)

## Calibrating Your Sourcing System

The mastery of these sourcing protocols provides the foundation for a more intelligent and responsive procurement function. Viewing RFIs, RFQs, and RFPs as configurable modules within a larger operational system shifts the focus from administrative process to strategic design. The critical question becomes how your organization calibrates and sequences these tools to optimize the flow of market intelligence and value. A truly effective sourcing architecture is one that dynamically adapts its communication protocol to the specific contours of each procurement challenge, ensuring that every supplier interaction is a deliberate step toward a superior commercial outcome.

![A futuristic system component with a split design and intricate central element, embodying advanced RFQ protocols. This visualizes high-fidelity execution, precise price discovery, and granular market microstructure control for institutional digital asset derivatives, optimizing liquidity provision and minimizing slippage](https://options.greeks.live/wp-content/uploads/2025/07/advanced-rfq-protocols-for-digital-asset-derivatives-price-discovery.jpg)

## Glossary

<a href="https://prime.greeks.live/area/request-for-information/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Precision-engineered institutional-grade Prime RFQ component, showcasing a reflective sphere and teal control. This symbolizes RFQ protocol mechanics, emphasizing high-fidelity execution, atomic settlement, and capital efficiency in digital asset derivatives market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-precision-execution-system-design.jpg)

## Request for Information

Meaning ▴ A Request for Information, or RFI, constitutes a formal, structured solicitation for general information from potential vendors or service providers regarding their capabilities, product offerings, and operational models within a specific domain. </a><a href="https://prime.greeks.live/area/procurement-lifecycle/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![The abstract composition visualizes interconnected liquidity pools and price discovery mechanisms within institutional digital asset derivatives trading. Transparent layers and sharp elements symbolize high-fidelity execution of multi-leg spreads via RFQ protocols, emphasizing capital efficiency and optimized market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocols-market-microstructure-1.jpg)

## Procurement Lifecycle

Meaning ▴ The Procurement Lifecycle defines the structured sequence of processes an institution undertakes to acquire the necessary resources, services, and infrastructure to support its operational and strategic objectives, particularly within the complex domain of digital asset derivatives. </a><a href="https://prime.greeks.live/area/market-intelligence/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sophisticated digital asset derivatives trading mechanism features a central processing hub with luminous blue accents, symbolizing an intelligence layer driving high fidelity execution. Transparent circular elements represent dynamic liquidity pools and a complex volatility surface, revealing market microstructure and atomic settlement via an advanced RFQ protocol](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocols-high-fidelity-execution-framework-optimizing-market-microstructure-price-discovery-intelligence-layer.jpg)

## Market Intelligence

Meaning ▴ Market Intelligence constitutes the systematic collection, processing, and analysis of real-time and historical data streams originating from digital asset exchanges, dark pools, and OTC desks, providing actionable insights into liquidity dynamics, price discovery mechanisms, order book imbalances, and participant behavior for the purpose of informing institutional trading strategies and risk management protocols. </a><a href="https://prime.greeks.live/area/strategic-sourcing/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Luminous blue drops on geometric planes depict institutional Digital Asset Derivatives trading. Large spheres represent atomic settlement of block trades and aggregated inquiries, while smaller droplets signify granular market microstructure data](https://options.greeks.live/wp-content/uploads/2025/07/institutional-grade-digital-asset-derivatives-rfq-protocols-driving-high-fidelity-execution-and-optimal-liquidity-discovery.jpg)

## Strategic Sourcing

Meaning ▴ Strategic Sourcing, within the domain of institutional digital asset derivatives, denotes a disciplined, systematic methodology for identifying, evaluating, and engaging with external providers of critical services and infrastructure. </a><a href="https://prime.greeks.live/area/weighted-scoring/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Metallic platter signifies core market infrastructure. A precise blue instrument, representing RFQ protocol for institutional digital asset derivatives, targets a green block, signifying a large block trade](https://options.greeks.live/wp-content/uploads/2025/07/precision-institutional-digital-asset-derivatives-rfq-protocol-execution-engine-market-microstructure-optimization-for-alpha-generation.jpg)

## Weighted Scoring

Meaning ▴ Weighted Scoring defines a computational methodology where multiple input variables are assigned distinct coefficients or weights, reflecting their relative importance, before being aggregated into a single, composite metric. </a><a href="https://prime.greeks.live/area/weighted-scoring-model/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Two spheres balance on a fragmented structure against split dark and light backgrounds. This models institutional digital asset derivatives RFQ protocols, depicting market microstructure, price discovery, and liquidity aggregation](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocols-price-discovery-liquidity-aggregation.jpg)

## Weighted Scoring Model

Meaning ▴ A Weighted Scoring Model constitutes a systematic computational framework designed to evaluate and prioritize diverse entities by assigning distinct numerical weights to a set of predefined criteria, thereby generating a composite score that reflects their aggregated importance or suitability. </a><a href="https://prime.greeks.live/question/how-does-a-counterparty-performance-score-differ-from-a-traditional-credit-score/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A conceptual image illustrates a sophisticated RFQ protocol engine, depicting the market microstructure of institutional digital asset derivatives. Two semi-spheres, one light grey and one teal, represent distinct liquidity pools or counterparties within a Prime RFQ, connected by a complex execution management system for high-fidelity execution and atomic settlement of Bitcoin options or Ethereum futures](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-market-microstructure-2.jpg)

## Weighted Score

A counterparty performance score is a dynamic, multi-factor model of transactional reliability, distinct from a traditional credit score's historical debt focus. </a>

**Tags:** [Scoring Model](https://options.greeks.live/area/scoring-model/), [Market Intelligence](https://options.greeks.live/area/market-intelligence/), [Price Discovery](https://options.greeks.live/area/price-discovery/), [Strategic Sourcing](https://options.greeks.live/area/strategic-sourcing/), [Solution Design Protocol](https://options.greeks.live/area/solution-design-protocol/), [Procurement Lifecycle](https://options.greeks.live/area/procurement-lifecycle/)	

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Effective RFP weighting models prioritize long-term value by quantifying technical merit as a direct mitigator of total ownership cost and risk.

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The choice between an RFP and RFQ architects the supplier relationship, setting a path for either transactional efficiency or strategic co-creation.

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The choice between an RFI, RFP, or RFQ is a strategic calibration of information-gathering to match the complexity of the objective.

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A weighted scoring model mitigates bias by translating subjective evaluations into objective, data-driven analysis.

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Select an RFQ for price-driven acquisition of defined products; use an RFP for value-driven discovery of complex solutions.

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A Tender procures a known commodity at the best price; an RFP sources the best solution to a complex problem.

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Effective stakeholder conflict mediation in RFP weighting is achieved by architecting a quantitative, transparent decision-making system.

- 
### [Can an Rfs Be Used as a Preliminary Step before Issuing a More Detailed Rfp?](https://options.greeks.live/question/can-an-rfs-be-used-as-a-preliminary-step-before-issuing-a-more-detailed-rfp/)
![A luminous, miniature Earth sphere rests precariously on textured, dark electronic infrastructure with subtle moisture. This visualizes institutional digital asset derivatives trading, highlighting high-fidelity execution within a Prime RFQ. It represents the delicate balance of price discovery and latency in an RFQ protocol, managing counterparty risk across global market microstructure.](https://options.greeks.live/wp-content/uploads/2025/07/global-digital-asset-derivatives-rfq-protocol-execution-engine-underpinning-institutional-market-microstructure-with-precision.jpg)

An RFI is a vital, non-binding reconnaissance step to inform and de-risk the formal, binding solicitation of an RFP.

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---

**Original URL:** https://options.greeks.live/question/what-are-the-key-differences-between-an-rfp-an-rfq-and-an-rfi-in-strategic-sourcing/
