# What Are the Key Differences in the Evaluation Criteria Used for an Rfs versus an Rfp? ▴ Question

**Published:** 2025-08-09
**Categories:** Question

---

![A central blue sphere, representing a Liquidity Pool, balances on a white dome, the Prime RFQ. Perpendicular beige and teal arms, embodying RFQ protocols and Multi-Leg Spread strategies, extend to four peripheral blue elements](https://options.greeks.live/wp-content/uploads/2025/07/high-fidelity-digital-asset-derivatives-rfq-protocol-execution-framework.jpg)

![Precision metallic pointers converge on a central blue mechanism. This symbolizes Market Microstructure of Institutional Grade Digital Asset Derivatives, depicting High-Fidelity Execution and Price Discovery via RFQ protocols, ensuring Capital Efficiency and Atomic Settlement for Multi-Leg Spreads](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocols-for-precision-execution.jpg)

## Concept

![Three metallic, circular mechanisms represent a calibrated system for institutional-grade digital asset derivatives trading. The central dial signifies price discovery and algorithmic precision within RFQ protocols](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocols-and-execution-precision.jpg)

## The Procurement Protocol a Foundational Choice

In the architecture of enterprise operations, the method by which an organization sources external capabilities is a foundational design choice. It is a protocol that dictates the flow of information, the nature of the relationship with external partners, and ultimately, the characteristics of the solution that is integrated into the system. The distinction between a [Request for Solution](https://prime.greeks.live/area/request-for-solution/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (RFS) and a [Request for Proposal](https://prime.greeks.live/area/request-for-proposal/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (RFP) represents a critical branching path in this design process. This choice is not a matter of preference but a strategic determination predicated on the state of the problem itself.

An RFP operates as a closed-ended query. It is deployed when the problem space is well-defined, the technical requirements are understood, and the desired output can be specified with a high degree of precision. The organization, in this instance, acts as the system architect, providing a detailed blueprint and asking vendors to bid on the construction. The primary variable is execution efficiency, measured through metrics like cost, speed, and adherence to pre-defined specifications.

The RFS protocol functions on a different logical plane. It is an open-ended inquiry, initiated when the problem is systemic, complex, or when the organization seeks a transformational outcome rather than an incremental improvement. Here, the organization defines a desired future state, a set of business objectives, or a persistent operational friction, and invites the market to act as a co-architect of the solution. It concedes that the optimal path is not yet known and leverages the specialized expertise of vendors to map the territory.

The dialogue shifts from “Can you build this for us?” to “How would you solve this for us?”. This fundamental divergence in purpose necessitates a completely different set of [evaluation criteria](https://prime.greeks.live/question/how-can-an-organization-determine-the-appropriate-weighting-for-evaluation-criteria-in-an-rfp/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), moving from a verification of capability to an assessment of ingenuity and strategic alignment. The RFS is not merely a request for a product or service; it is a solicitation for a system of thought. The evaluation, therefore, must be calibrated to measure the quality of that thought process, its potential for long-term value creation, and its compatibility with the organization’s own operational ethos.

> The selection between an RFS and an RFP is a primary strategic decision that defines the nature of vendor engagement and the scope of potential solutions.

![A multi-faceted digital asset derivative, precisely calibrated on a sophisticated circular mechanism. This represents a Prime Brokerage's robust RFQ protocol for high-fidelity execution of multi-leg spreads, ensuring optimal price discovery and minimal slippage within complex market microstructure, critical for alpha generation](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-precision-2.jpg)

## RFP the Protocol for Specified Execution

The Request for Proposal is the bedrock of traditional procurement, a testament to the principles of structured competition and objective evaluation. Its core function is to de-risk the acquisition of known goods and services by creating a standardized framework for comparison. When an organization issues an RFP, it is making a clear statement ▴ “We have analyzed the problem, we have designed the solution, and we require a partner to execute our vision with maximum fidelity and efficiency.” The document itself is a manifestation of this certainty.

It is dense with specifications, technical requirements, service level agreements (SLAs), and detailed scope-of-work documents. Every clause is designed to minimize ambiguity and ensure that all responding vendors are bidding on the exact same set of deliverables.

This prescriptive nature directly shapes the evaluation criteria. The process is inherently comparative and quantitative. The [evaluation team](https://prime.greeks.live/area/evaluation-team/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) is tasked with mapping vendor responses against a pre-defined checklist of requirements. Scoring is often weighted, with significant emphasis placed on areas like price, technical compliance, and the vendor’s documented history of delivering similar projects.

The evaluation criteria are designed to answer a series of validation questions ▴ Does the vendor meet our mandatory technical specifications? Is their pricing competitive and transparent? Can they provide evidence of [past performance](https://prime.greeks.live/area/past-performance/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) in this specific domain? Do they have the organizational capacity and financial stability to fulfill the contract?

The process is methodical, analytical, and designed to produce a clear winner based on a defensible, data-driven assessment. The goal is to select the most qualified vendor for a pre-determined task, ensuring the organization receives precisely what it asked for, at the best possible value.

![Teal and dark blue intersecting planes depict RFQ protocol pathways for digital asset derivatives. A large white sphere represents a block trade, a smaller dark sphere a hedging component](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-liquidity.jpg)

## RFS the Protocol for Emergent Solutions

The Request for Solution emerges from a different set of organizational needs, rooted in complexity, uncertainty, and the pursuit of innovation. An RFS is deployed not when a solution needs to be built, but when a problem needs to be solved. It is an admission that the organization does not possess the definitive answer and is turning to the market for intellectual partnership. The RFS document reflects this orientation.

It is lighter on technical specifications and heavier on context. It describes the current state, the desired business outcomes, the constraints of the operating environment, and the strategic objectives driving the initiative. It poses a challenge rather than providing a blueprint.

Consequently, the evaluation criteria for an RFS are profoundly different from those of an RFP. They are more qualitative, strategic, and forward-looking. The focus shifts from validating past performance to assessing future potential. The evaluation team is not merely checking boxes; they are engaging in a process of discovery.

The central questions become ▴ How deeply has the vendor understood the nuances of our business problem? How creative and viable is their proposed solution? Does the solution align with our long-term strategic goals? What is the vendor’s capacity for collaboration and co-creation?

Does their organizational culture fit with ours? The evaluation becomes a dialogue. It often involves multiple rounds of presentations, workshops, and proof-of-concept demonstrations. The goal is not to select a vendor to execute a task, but to identify a partner with whom the organization can build a solution. The final decision rests as much on a qualitative assessment of vision, chemistry, and trust as it does on any quantitative metric.

![Abstract, layered spheres symbolize complex market microstructure and liquidity pools. A central reflective conduit represents RFQ protocols enabling block trade execution and precise price discovery for multi-leg spread strategies, ensuring high-fidelity execution within institutional trading of digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-engine-for-high-fidelity.jpg)

![A futuristic circular financial instrument with segmented teal and grey zones, centered by a precision indicator, symbolizes an advanced Crypto Derivatives OS. This system facilitates institutional-grade RFQ protocols for block trades, enabling granular price discovery and optimal multi-leg spread execution across diverse liquidity pools](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-microstructure-platform.jpg)

## Strategy

![A dynamic visual representation of an institutional trading system, featuring a central liquidity aggregation engine emitting a controlled order flow through dedicated market infrastructure. This illustrates high-fidelity execution of digital asset derivatives, optimizing price discovery within a private quotation environment for block trades, ensuring capital efficiency](https://options.greeks.live/wp-content/uploads/2025/07/principal-os-driving-high-fidelity-execution-for-digital-asset-derivatives-through-optimized-rfq-protocols-and-smart-order-routing.jpg)

## Aligning the Protocol to the Strategic Intent

The strategic decision to deploy an RFS over an RFP, or vice versa, is a direct reflection of an organization’s internal state and its market posture. This choice is not merely procedural; it is a declaration of intent. An organization that defaults to RFPs for all procurement activities signals a culture that prioritizes control, predictability, and risk mitigation. It operates most comfortably when variables are known and outcomes can be benchmarked.

This approach is highly effective for optimizing existing processes, consolidating vendors, or procuring commodities where differentiation is minimal. The strategic objective is operational excellence through standardization and competitive pricing. The evaluation framework is therefore designed to enforce this objective, rewarding vendors who demonstrate reliability, cost-effectiveness, and an ability to conform to the buyer’s established system.

Conversely, an organization that strategically employs the RFS protocol signals a culture that values agility, learning, and breakthrough innovation. It recognizes that in certain domains, particularly those undergoing rapid technological or business model disruption, the most valuable solutions may lie outside its current knowledge base. The strategic objective is to gain a competitive advantage by sourcing novel ideas and forming symbiotic partnerships. The evaluation framework must support this exploratory mission.

It de-emphasizes rigid adherence to a pre-conceived plan and instead rewards vendors for their diagnostic capabilities, their creativity in [solution design](https://prime.greeks.live/area/solution-design/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), and their willingness to engage in a collaborative, iterative development process. Choosing the RFS path is a strategic commitment to embracing uncertainty in the pursuit of a higher-value outcome. It is an acknowledgment that for some challenges, the right partner is more important than the right plan.

> The choice between RFP and RFS protocols is a strategic act that signals an organization’s appetite for control versus its desire for innovation.

![A sophisticated control panel, featuring concentric blue and white segments with two teal oval buttons. This embodies an institutional RFQ Protocol interface, facilitating High-Fidelity Execution for Private Quotation and Aggregated Inquiry](https://options.greeks.live/wp-content/uploads/2025/07/institutional-grade-rfq-protocol-interface-for-digital-asset-derivatives-execution.jpg)

## Comparative Analysis of Evaluation Frameworks

The fundamental difference in purpose between an RFP and an RFS manifests directly in their respective evaluation frameworks. An RFP evaluation is a convergent process, designed to narrow a field of contenders down to the single best executor of a known task. An RFS evaluation is a divergent process, designed to explore a wide range of potential solutions before selecting a partner for a collaborative journey. The following table provides a comparative analysis of the typical evaluation criteria domains for each protocol, illustrating the profound shift in focus.

| Evaluation Domain | RFP (Request for Proposal) Focus | RFS (Request for Solution) Focus |
| --- | --- | --- |
| Solution Definition | Compliance with detailed technical and functional specifications provided by the buyer. | Creativity, viability, and elegance of the solution proposed by the vendor in response to a business problem. |
| Vendor Experience | Demonstrated past performance on projects of identical scope and scale. Emphasis on case studies and references for similar work. | Breadth and depth of expertise in the relevant problem domain. Emphasis on the skills and experience of the proposed team. |
| Pricing and Financials | Total cost of ownership, detailed line-item pricing, and competitiveness against other bids. Often a heavily weighted criterion. | Value proposition, potential return on investment, and flexible or innovative pricing models (e.g. gain-sharing, subscription). |
| Project Management | Adherence to a proposed timeline, robustness of the project plan, and qualifications of the project management team. | Proposed methodology for collaboration, co-development, and iterative problem-solving. Agility and flexibility of the approach. |
| Innovation | Generally not a primary criterion, unless specified. Innovation is limited to efficiency gains within the prescribed solution. | A core, heavily weighted criterion. The novelty, transformational potential, and sustainability of the proposed solution. |
| Partnership and Culture | Vendor’s ability to act as a reliable supplier and meet contractual obligations. Cultural fit is a minor consideration. | Demonstrated understanding of the buyer’s business and culture. Potential for a long-term, strategic partnership. |

![A teal-blue disk, symbolizing a liquidity pool for digital asset derivatives, is intersected by a bar. This represents an RFQ protocol or block trade, detailing high-fidelity execution pathways](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-rfq-protocols-high-fidelity-digital-asset-execution.jpg)

## Drilling down into Specific Evaluation Criteria

To fully appreciate the strategic divergence, it is useful to examine specific, granular evaluation criteria within these broader domains. In an RFP for a cloud data warehouse migration, for example, the evaluation would be intensely focused on concrete, measurable items. The team would assess vendors based on a scoring matrix that looks something like this:

- **Mandatory Technical Compliance** ▴ Does the proposed platform support ANSI SQL? Does it offer native integration with our existing ETL tools? Is it compliant with GDPR and CCPA? These are typically pass/fail gateway criteria. 

- **Performance Benchmarks** ▴ What are the vendor’s documented query execution times for datasets of our size? Can they provide performance benchmarks from existing clients in our industry? 

- **Security and Compliance** ▴ Has the vendor provided a SOC 2 Type II report? Do they possess ISO 27001 certification? How do they handle data encryption at rest and in transit? 

- **Implementation Timeline** ▴ Is the proposed project plan realistic? Does it include detailed phases for discovery, development, testing, and cutover? Is the timeline guaranteed by an SLA? 

- **Cost Structure** ▴ Is the pricing model based on compute, storage, or a combination? Are there additional costs for data egress or support? How does the three-year total cost of ownership compare to other bids? 

Now, consider an RFS issued by the same company, but for a different problem ▴ “Reduce customer churn by 50% through the innovative application of data and AI.” The problem is clear, but the solution is not. The evaluation criteria would shift dramatically from the technical to the strategic:

- **Problem Diagnosis** ▴ How well does the vendor’s proposal demonstrate a deep understanding of the potential root causes of our customer churn? Have they analyzed our business model and competitive landscape? 

- **Solution Creativity** ▴ How novel is the proposed approach? Does it go beyond standard loyalty programs and predictive models? Does it incorporate behavioral science, personalization, or other innovative techniques? 

- **Methodology for Co-creation** ▴ What process does the vendor propose for working with our internal teams to refine and implement the solution? Do they suggest agile sprints, joint workshops, or a dedicated innovation lab? 

- **Team Expertise** ▴ Does the proposed team include not just technologists, but also data scientists, business strategists, and customer experience designers? What is their track record in solving analogous business problems, even if in different industries? 

- **Value Measurement** ▴ How does the vendor propose to measure the success of the solution? Do they suggest a framework for tracking leading and lagging indicators of churn reduction? Are they willing to tie a portion of their compensation to the achievement of these metrics? 

The contrast is stark. The RFP evaluates a vendor’s ability to deliver a commodity with precision. The RFS evaluates a vendor’s ability to solve a complex problem with ingenuity.

![A metallic, circular mechanism, a precision control interface, rests on a dark circuit board. This symbolizes the core intelligence layer of a Prime RFQ, enabling low-latency, high-fidelity execution for institutional digital asset derivatives via optimized RFQ protocols, refining market microstructure](https://options.greeks.live/wp-content/uploads/2025/08/precision-rfq-protocol-engine-for-institutional-digital-asset-derivatives.jpg)

![A sharp, teal blade precisely dissects a cylindrical conduit. This visualizes surgical high-fidelity execution of block trades for institutional digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-precision-execution-microstructure.jpg)

## Execution

![A precision digital token, subtly green with a '0' marker, meticulously engages a sleek, white institutional-grade platform. This symbolizes secure RFQ protocol initiation for high-fidelity execution of complex multi-leg spread strategies, optimizing portfolio margin and capital efficiency within a Principal's Crypto Derivatives OS](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-platform-secure-rfq-protocol-initiation-for-optimal-block-trade-execution.jpg)

## Assembling the Evaluation Apparatus

The execution of an evaluation process is as critical as the criteria themselves. The composition of the evaluation team must be a direct reflection of the procurement protocol being used. For a standard RFP, the evaluation team is typically a cross-functional group dominated by technical and procurement specialists. The primary stakeholders are the budget holder, the technical architects who wrote the specifications, and the procurement manager responsible for ensuring a fair and transparent process.

Their mandate is clear ▴ to conduct a rigorous, objective, and defensible comparison of vendor proposals against the stated requirements. The process is structured and formal, with limited, highly controlled interaction with the bidders post-submission to ensure a level playing field. The focus is on verification and validation.

Executing an RFS evaluation requires a fundamentally different team structure and engagement model. While technical and procurement expertise remains important, the center of gravity shifts towards strategic leadership. The evaluation team must include senior business leaders who own the problem being solved, strategists who can assess the long-term implications of a proposed solution, and innovation leaders who can gauge its creative potential. The process is inherently more dynamic and collaborative.

It is not a one-way submission of proposals, but a two-way dialogue. The execution plan must account for multiple rounds of interaction, including deep-dive workshops, solution-crafting sessions, and potentially even paid proof-of-concept phases where shortlisted vendors can test their ideas on a small scale. The mandate of the RFS evaluation team is not just to select a vendor, but to shape the solution in partnership with the most promising bidders.

> Effective execution requires tailoring the evaluation team’s composition and engagement model to the specific demands of either a verification-focused RFP or a discovery-focused RFS.

![Precision mechanics illustrating institutional RFQ protocol dynamics. Metallic and blue blades symbolize principal's bids and counterparty responses, pivoting on a central matching engine](https://options.greeks.live/wp-content/uploads/2025/07/precision-institutional-digital-asset-derivatives-rfq-execution-engine-microstructure.jpg)

## The Mechanics of Scoring a Tale of Two Models

The philosophical differences between RFP and RFS are crystallized in the scoring models used to support the evaluation. An [RFP scoring model](https://prime.greeks.live/area/rfp-scoring-model/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) is a quantitative instrument designed for precision and objectivity. It breaks the evaluation down into discrete, weighted categories, allowing for a side-by-side numerical comparison that can withstand scrutiny and audit.

An RFS scoring model, while still structured, must accommodate a higher degree of qualitative judgment and strategic assessment. It is a tool to guide discussion and build consensus, not a calculator that produces an unassailable mathematical result.

The following table illustrates a hypothetical scoring model for both an RFP (for an enterprise resource planning system implementation) and an RFS (for developing a new digital service). The differences in categories and weightings highlight the divergent priorities of each protocol.

| Evaluation Category | Sample RFP Weighting (ERP Implementation) | Sample RFS Weighting (New Digital Service) |
| --- | --- | --- |
| Functional & Technical Fit | 35% | 15% |
| Total Cost of Ownership (5-Year) | 30% | 10% |
| Vendor Experience & Past Performance | 20% | 15% |
| Implementation Plan & Timeline | 15% | 10% |
| Solution Innovation & Creativity | N/A | 25% |
| Understanding of Business Problem | N/A | 15% |
| Partnership Model & Cultural Fit | N/A | 10% |

As the table demonstrates, the RFP model is heavily weighted towards the “hard” factors of cost and technical compliance. Over two-thirds of the score is derived from these areas. The vendor’s ability to meet the pre-defined specifications at a competitive price is paramount. The RFS model tells a different story.

The single largest criterion is Solution Innovation, and the combined weight of the “softer,” more strategic factors (Innovation, Problem Understanding, Partnership) accounts for half of the total score. The RFS model explicitly prioritizes the quality of the idea and the potential of the relationship over the immediate cost or the vendor’s history of executing pre-defined tasks. The execution of the scoring process itself also differs. In the RFP, individual evaluators might score sections independently before scores are aggregated. In the RFS, scoring is often a more collaborative exercise, with the numerical scores serving as a starting point for a deeper, consensus-driven discussion among the strategic leaders on the evaluation committee.

![Abstract geometric representation of an institutional RFQ protocol for digital asset derivatives. Two distinct segments symbolize cross-market liquidity pools and order book dynamics](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-protocol-2.jpg)

## References

- Vitasek, Kate, et al. _Unpacking Collaborative Bidding_. University of Tennessee, 2016.

- ISG. “THE RFP WILL NEVER BE THE SAME – Emerging Approaches to Innovative Sourcing.” ISG White Paper, 2013.

- IT Experts. “What is a RFS?” 22 April 2024.

- Lines, Brian. “Unlock the Power of Request for Solution (RFS).” Center for Procurement Excellence, Webinar, February 2025.

- Symms, RD. “A guide to RFP evaluation criteria ▴ Basics, tips, and examples.” Responsive Blog, 14 January 2021.

- Healer, John. “Why a Request for Solution (RFS) is Not an RFP.” LinkedIn Pulse, 2017.

- Peichert, Lutz. “RFP, RFI, RFQ, RFS – A Redundant Procurement Alphabet Soup?” Procurement Professionals Group Discussion, 2015.

![A precision-engineered metallic cross-structure, embodying an RFQ engine's market microstructure, showcases diverse elements. One granular arm signifies aggregated liquidity pools and latent liquidity](https://options.greeks.live/wp-content/uploads/2025/07/institutional-rfq-engine-microstructure-for-atomic-settlement.jpg)

## Reflection

![Abstract RFQ engine, transparent blades symbolize multi-leg spread execution and high-fidelity price discovery. The central hub aggregates deep liquidity pools](https://options.greeks.live/wp-content/uploads/2025/07/principal-rfq-engine-for-crypto-derivatives-high-fidelity-block-trade.jpg)

## Beyond the Document a System of Inquiry

Ultimately, the documents themselves ▴ the reams of paper or digital files that constitute an RFP or an RFS ▴ are merely artifacts of a deeper organizational process. They are the output of an internal system of inquiry. The true differentiator lies in the questions the organization chooses to ask itself before it ever engages the market.

An organization primed for an RFP asks ▴ “What do we need to buy?” and “How can we buy it most efficiently?” The focus is internal, centered on its own defined needs and processes. The resulting evaluation criteria are a reflection of this internal certainty.

An organization prepared to leverage an RFS asks a more profound set of questions ▴ “What outcome do we need to achieve?” “What are the blind spots in our own understanding?” and “Who in the market can help us see the problem in a new light?” This outward-looking, humble inquiry is the hallmark of a learning organization. The evaluation criteria that emerge from this process are not just a scorecard for vendors; they are a metric of the organization’s own capacity for strategic thought and collaboration. The decision to use one protocol over the other is therefore a reflection of the organization’s operational maturity and its strategic posture in the market. It is a choice between optimizing the known and exploring the possible.

![A sleek, metallic algorithmic trading component with a central circular mechanism rests on angular, multi-colored reflective surfaces, symbolizing sophisticated RFQ protocols, aggregated liquidity, and high-fidelity execution within institutional digital asset derivatives market microstructure. This represents the intelligence layer of a Prime RFQ for optimal price discovery](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocols-system-architecture-for-optimal-price-discovery-and-high-fidelity-execution.jpg)

## Glossary

<a href="https://prime.greeks.live/area/request-for-proposal/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Abstract visualization of institutional RFQ protocol for digital asset derivatives. Translucent layers symbolize dark liquidity pools within complex market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-engine-6.jpg)

## Request for Proposal

Meaning ▴ A Request for Proposal, or RFP, constitutes a formal, structured solicitation document issued by an institutional entity seeking specific services, products, or solutions from prospective vendors. </a><a href="https://prime.greeks.live/area/request-for-solution/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Abstract system interface on a global data sphere, illustrating a sophisticated RFQ protocol for institutional digital asset derivatives. The glowing circuits represent market microstructure and high-fidelity execution within a Prime RFQ intelligence layer, facilitating price discovery and capital efficiency across liquidity pools](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-rfq-protocol-execution-prime-os.jpg)

## Request for Solution

Meaning ▴ A Request for Solution (RFS) represents a formal, structured inquiry initiated by an institutional Principal to solicit tailored proposals from a select group of liquidity providers for complex or bespoke digital asset derivatives. </a><a href="https://prime.greeks.live/question/how-can-an-organization-determine-the-appropriate-weighting-for-evaluation-criteria-in-an-rfp/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A central rod, symbolizing an RFQ inquiry, links distinct liquidity pools and market makers. A transparent disc, an execution venue, facilitates price discovery](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-rfq-protocol-execution-optimization.jpg)

## Evaluation Criteria

An RFP's evaluation criteria weighting is the strategic calibration of a decision-making architecture to deliver an optimal, defensible outcome. </a><a href="https://prime.greeks.live/area/evaluation-team/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A precision-engineered metallic and glass system depicts the core of an Institutional Grade Prime RFQ, facilitating high-fidelity execution for Digital Asset Derivatives. Transparent layers represent visible liquidity pools and the intricate market microstructure supporting RFQ protocol processing, ensuring atomic settlement capabilities](https://options.greeks.live/wp-content/uploads/2025/08/robust-institutional-digital-asset-derivatives-trading-platform-for-optimized-rfq-protocol-execution-and-deep-liquidity-access.jpg)

## Evaluation Team

Meaning ▴ An Evaluation Team constitutes a dedicated internal or external unit systematically tasked with the rigorous assessment of technological systems, operational protocols, or trading strategies within the institutional digital asset derivatives domain. </a><a href="https://prime.greeks.live/area/past-performance/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A precision mechanism with a central circular core and a linear element extending to a sharp tip, encased in translucent material. This symbolizes an institutional RFQ protocol's market microstructure, enabling high-fidelity execution and price discovery for digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/precision-engineered-institutional-digital-asset-derivatives-rfq-execution-engine-microstructure-facilitating-optimal-price-discovery-and-best-execution.jpg)

## Past Performance

Meaning ▴ Past Performance refers to the quantifiable historical record of a trading system's or strategy's execution metrics, encompassing elements such as fill rates, slippage, latency, and profit and loss attribution, critical for empirical validation and system calibration within institutional digital asset derivatives. </a><a href="https://prime.greeks.live/area/solution-design/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sleek, light-colored, egg-shaped component precisely connects to a darker, ergonomic base, signifying high-fidelity integration. This modular design embodies an institutional-grade Crypto Derivatives OS, optimizing RFQ protocols for atomic settlement and best execution within a robust Principal's operational framework, enhancing market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-engine-core-principal-system.jpg)

## Solution Design

Meaning ▴ Solution Design defines the rigorous process of architecting a bespoke system or framework to address a specific institutional objective within the complex domain of digital asset derivatives. </a><a href="https://prime.greeks.live/area/rfp-scoring-model/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Precision-engineered modular components display a central control, data input panel, and numerical values on cylindrical elements. This signifies an institutional Prime RFQ for digital asset derivatives, enabling RFQ protocol aggregation, high-fidelity execution, algorithmic price discovery, and volatility surface calibration for portfolio margin](https://options.greeks.live/wp-content/uploads/2025/07/firm-fx-options-rfq-trade-system-key-microstructure-data-flow-core-engine.jpg)

## Rfp Scoring Model

Meaning ▴ An RFP Scoring Model constitutes a structured, quantitative framework engineered for the systematic evaluation of responses to a Request for Proposal, particularly concerning complex institutional services such as digital asset derivatives platforms or prime brokerage solutions. </a>

**Tags:** [Procurement Process](https://options.greeks.live/area/procurement-process/), [Vendor Partnership](https://options.greeks.live/area/vendor-partnership/), [Request for Proposal](https://options.greeks.live/area/request-for-proposal/), [RFS Criteria](https://options.greeks.live/area/rfs-criteria/), [Solution Design](https://options.greeks.live/area/solution-design/), [Vendor Evaluation](https://options.greeks.live/area/vendor-evaluation/)	

## Discover More

- 
### [What Are the Primary Differences between a Request for Information Rfi and a Request for Proposal Rfp?](https://options.greeks.live/question/what-are-the-primary-differences-between-a-request-for-information-rfi-and-a-request-for-proposal-rfp/)
![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)

An RFI is an exploratory protocol for market intelligence gathering; an RFP is a formal protocol for competitive solution evaluation.

- 
### [When Is It Appropriate to Issue an Rfp Instead of an Rfq?](https://options.greeks.live/question/when-is-it-appropriate-to-issue-an-rfp-instead-of-an-rfq/)
![A metallic, circular mechanism, a precision control interface, rests on a dark circuit board. This symbolizes the core intelligence layer of a Prime RFQ, enabling low-latency, high-fidelity execution for institutional digital asset derivatives via optimized RFQ protocols, refining market microstructure.](https://options.greeks.live/wp-content/uploads/2025/08/precision-rfq-protocol-engine-for-institutional-digital-asset-derivatives.jpg)

An RFP solicits solutions for complex problems, while an RFQ requests prices for defined requirements.

- 
### [In What Scenarios Might a Hybrid Approach Combining Elements of Both an ITT and an RFP Be the Optimal Strategy?](https://options.greeks.live/question/in-what-scenarios-might-a-hybrid-approach-combining-elements-of-both-an-itt-and-an-rfp-be-the-optimal-strategy/)
![A precise mechanical instrument with intersecting transparent and opaque hands, representing the intricate market microstructure of institutional digital asset derivatives. This visual metaphor highlights dynamic price discovery and bid-ask spread dynamics within RFQ protocols, emphasizing high-fidelity execution and latent liquidity through a robust Prime RFQ for atomic settlement.](https://options.greeks.live/wp-content/uploads/2025/07/precision-engineering-driving-institutional-digital-asset-derivatives-execution-across-advanced-rfq-protocols-and-prime-brokerage-frameworks.jpg)

A hybrid ITT/RFP strategy is optimal for complex projects with both standardized components and undefined, innovation-driven requirements.

- 
### [When Is It Strategically Better to Use an Rfs over an Rfp?](https://options.greeks.live/question/when-is-it-strategically-better-to-use-an-rfs-over-an-rfp/)
![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)

An RFS is a strategic partnership invitation for complex problems; an RFP is a detailed purchase order for known requirements.

- 
### [What Are the Key Differences between a Traditional Rfp and a Collaborative One?](https://options.greeks.live/question/what-are-the-key-differences-between-a-traditional-rfp-and-a-collaborative-one/)
![A central toroidal structure and intricate core are bisected by two blades: one algorithmic with circuits, the other solid. This symbolizes an institutional digital asset derivatives platform, leveraging RFQ protocols for high-fidelity execution and price discovery. It optimizes market microstructure for capital efficiency, managing multi-leg spreads and latent liquidity within a Principal's operational framework.](https://options.greeks.live/wp-content/uploads/2025/07/digital-asset-derivatives-rfq-execution-hub-integrating-algorithmic-intelligence-for-high-fidelity-price-discovery-and-liquidity-aggregation.jpg)

A traditional RFP is a rigid, one-way request for a price, while a collaborative RFP is a two-way dialogue to co-create value.

- 
### [What Are the Key Differences between a Traditional Rfp and an Innovation Challenge?](https://options.greeks.live/question/what-are-the-key-differences-between-a-traditional-rfp-and-an-innovation-challenge/)
![A translucent, faceted sphere, representing a digital asset derivative block trade, traverses a precision-engineered track. This signifies high-fidelity execution via an RFQ protocol, optimizing liquidity aggregation, price discovery, and capital efficiency within institutional market microstructure.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-block-trade-high-fidelity-execution-protocol-prime-os-path.jpg)

An RFP procures a known solution against fixed requirements; an innovation challenge discovers a novel solution for a complex problem.

- 
### [How Does the RFP Process Influence Long Term Supplier Innovation?](https://options.greeks.live/question/how-does-the-rfp-process-influence-long-term-supplier-innovation/)
![A sleek, multi-layered platform with a reflective blue dome represents an institutional grade Prime RFQ for digital asset derivatives. The glowing interstice symbolizes atomic settlement and capital efficiency. Surface details illustrate market microstructure and price discovery via RFQ protocols, ensuring high-fidelity execution.](https://options.greeks.live/wp-content/uploads/2025/07/optimized-rfq-protocol-for-institutional-digital-asset-derivatives-1.jpg)

The RFP process structurally influences supplier innovation by defining the solution space; prescriptive RFPs limit creativity while outcome-based approaches foster it.

- 
### [How Does a Problem-Oriented Rfp Differ Structurally from a Traditional Feature-Based Rfp?](https://options.greeks.live/question/how-does-a-problem-oriented-rfp-differ-structurally-from-a-traditional-feature-based-rfp/)
![An abstract composition featuring two overlapping digital asset liquidity pools, intersected by angular structures representing multi-leg RFQ protocols. This visualizes dynamic price discovery, high-fidelity execution, and aggregated liquidity within institutional-grade crypto derivatives OS, optimizing capital efficiency and mitigating counterparty risk.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocols-optimizing-aggregated-liquidity-and-multi-leg-execution-via-advanced-market-microstructure.jpg)

A problem-oriented RFP solicits expert solutions to business challenges, while a feature-based RFP requests pricing for pre-defined specifications.

- 
### [What Are the Key Differences between a Request for Proposal Rfp and a Request for Information Rfi?](https://options.greeks.live/question/what-are-the-key-differences-between-a-request-for-proposal-rfp-and-a-request-for-information-rfi/)
![A beige probe precisely connects to a dark blue metallic port, symbolizing high-fidelity execution of Digital Asset Derivatives via an RFQ protocol. Alphanumeric markings denote specific multi-leg spread parameters, highlighting granular market microstructure. A teal overlay signifies Prime RFQ intelligence layer insights for optimal price discovery.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-system-execution-hub.jpg)

An RFI gathers information to understand a market, while an RFP solicits proposals to solve a specific, defined problem.

---

## Raw Schema Data

```json
{
    "@context": "https://schema.org",
    "@type": "BreadcrumbList",
    "itemListElement": [
        {
            "@type": "ListItem",
            "position": 1,
            "name": "Home",
            "item": "https://options.greeks.live"
        },
        {
            "@type": "ListItem",
            "position": 2,
            "name": "Question",
            "item": "https://options.greeks.live/question/"
        },
        {
            "@type": "ListItem",
            "position": 3,
            "name": "What Are the Key Differences in the Evaluation Criteria Used for an Rfs versus an Rfp?",
            "item": "https://options.greeks.live/question/what-are-the-key-differences-in-the-evaluation-criteria-used-for-an-rfs-versus-an-rfp/"
        }
    ]
}
```

```json
{
    "@context": "https://schema.org",
    "@type": "Organization",
    "@id": "https://greeks.live/#organization",
    "name": "Greeks.Live",
    "url": "https://greeks.live/",
    "description": "Greeks.live is the definitive toolkit for the professional options trader, dedicated to empowering our users with institutional-grade data, advanced analytics, and a comprehensive suite of trading tools designed to provide a decisive edge in the market. Every article and guide published under the Greeks.live name is a product of our deep commitment to data-driven analysis and our mission to support the global trading community.",
    "email": "support@greeks.live",
    "logo": {
        "@type": "ImageObject",
        "url": "https://options.greeks.live/wp-content/uploads/2025/07/Greeks.Live-Logo-Icon.svg"
    },
    "hasPart": [
        {
            "@type": "WebSite",
            "name": "About Us",
            "url": "https://about.greeks.live"
        },
        {
            "@type": "WebSite",
            "name": "App Download Page",
            "url": "https://about.greeks.live/#/download/basic_trade"
        },
        {
            "@type": "WebSite",
            "name": "Newcomers' Guide",
            "url": "https://twisty-sign-c8b.notion.site/Guide-for-Greeks-live-X-Deribit-Newbies-5a08a3052822427d800af6eaf3704c8d"
        },
        {
            "@type": "WebSite",
            "name": "Knowledge Base",
            "url": "https://linktr.ee/greeks.live"
        },
        {
            "@type": "WebSite",
            "name": "Option Terminology",
            "url": "https://greekslive.notion.site/88dfc00e7c584d4d8969b6302a79a12f?pvs=4"
        },
        {
            "@type": "WebSite",
            "name": "Terms of Service",
            "url": "https://greeks.live/#/tos"
        },
        {
            "@type": "WebSite",
            "name": "Disclaimer",
            "url": "https://greeks.live/#/disclaimer"
        }
    ],
    "sameAs": [
        "https://x.com/greekslive",
        "https://youtube.com/@greeks_live?si=-KjT0Lkw4WUCI0tD",
        "https://t.me/greekslive_notifications",
        "https://t.me/greekslive",
        "https://pinterest.com/greekslive/"
    ],
    "makesOffer": [
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "RFQ Platform",
                "url": "https://rfq.greeks.live",
                "description": "Execute institutional-grade block trades for crypto options and futures. This platform provides deep, over-the-counter (OTC) liquidity via a professional Request for Quote system.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "Lending Tools",
                "url": "https://lend.greeks.live",
                "description": "Manage crypto lending and borrowing activities to earn yield or secure loans. This suite of tools helps users analyze interest rates and manage collateralized debt positions.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "Data Lab",
                "url": "https://greeks.live/#/deribit/tools/datalab/BTC",
                "description": "Analyze historical and real-time options data with advanced metrics. This tool is designed for backtesting strategies and identifying market trends through comprehensive data visualization.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "Profit & Loss Analysis (PnL)",
                "url": "https://greeks.live/#/deribit/tools/pnl_analysis",
                "description": "Track and analyze the Profit and Loss (PnL) of your options portfolio. This tool provides detailed performance metrics to help traders evaluate and refine their strategies.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "Position Visualization",
                "url": "https://greeks.live/#/deribit/tools/pv/BTC",
                "description": "Visualize complex options positions and their corresponding risk profiles. This tool generates payoff diagrams to help traders intuitively understand potential profit, loss, and exposure.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "Options Calculator",
                "url": "https://greeks.live/#/deribit/tools/calculator",
                "description": "Calculate the theoretical price and risk parameters ('the Greeks') of crypto options. An essential tool for pricing new trades and analyzing the sensitivity of existing positions.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "Greeks.live Main Platform",
                "url": "https://greeks.live/",
                "description": "The central hub for the Greeks.live suite of professional cryptocurrency options and derivatives trading tools. Access analytics, manage positions, and explore the ecosystem.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "Community Forum",
                "url": "https://t.greeks.live",
                "description": "Join the official Greeks.live community. Connect with other traders, share insights, and receive the latest updates directly from the team.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "Greeks.live for Deribit",
                "url": "http://deribit.greeks.live",
                "description": "A dedicated interface for trading on the Deribit exchange. This platform leverages Greeks.live's advanced analytics and tools specifically for users of Deribit's options and futures markets.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "Greeks.live for OKX",
                "url": "http://okx.greeks.live",
                "description": "A dedicated interface for trading on the OKX exchange. This platform integrates Greeks.live's powerful analytics with the OKX marketplace, focusing on its options and derivatives products.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "GLVS.AI Trading Platform",
                "url": "https://www.glvs.ai/",
                "description": "An AI-powered platform for automated crypto options trading. Leverage advanced algorithms and data-driven signals to develop and deploy sophisticated, hands-free trading strategies.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "API Testnet & Sandbox",
                "url": "https://test.greeks.live",
                "description": "A dedicated testnet environment for developers to test their API integrations and automated trading strategies. This sandbox allows for full functionality testing without risking real funds.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        }
    ],
    "subOrganization": [
        {
            "@type": "Organization",
            "name": "GreeksLive HK Co., Limited",
            "email": "support@greeks.live",
            "telephone": "+852-56418949",
            "address": {
                "@type": "PostalAddress",
                "streetAddress": "Unit 11, 27/F, K. Wah Centre, 191 Java Road",
                "addressLocality": "Hong Kong",
                "addressRegion": "North Point",
                "addressCountry": "CN",
                "postalCode": "0000"
            },
            "geo": {
                "@type": "GeoCoordinates",
                "latitude": "22.2932357",
                "longitude": "114.2022026"
            },
            "image": "https://options.greeks.live/wp-content/uploads/2025/08/Wah-Centre-Hong-Kong.jpg"
        }
    ]
}
```

```json
{
    "@context": "https://schema.org",
    "@type": "Article",
    "mainEntityOfPage": {
        "@type": "WebPage",
        "@id": "https://options.greeks.live/question/what-are-the-key-differences-in-the-evaluation-criteria-used-for-an-rfs-versus-an-rfp/"
    },
    "headline": "What Are the Key Differences in the Evaluation Criteria Used for an Rfs versus an Rfp? \u25b4 Question",
    "description": "RFP criteria verify a vendor's ability to execute a defined task, while RFS criteria assess a partner's capacity to innovate a solution. \u25b4 Question",
    "url": "https://options.greeks.live/question/what-are-the-key-differences-in-the-evaluation-criteria-used-for-an-rfs-versus-an-rfp/",
    "datePublished": "2025-08-09T19:26:24+00:00",
    "dateModified": "2025-08-09T19:26:32+00:00",
    "articleSection": [
        "Question"
    ],
    "author": {
        "@id": "https://greeks.live/#organization"
    },
    "publisher": {
        "@id": "https://greeks.live/#organization"
    },
    "image": {
        "@type": "ImageObject",
        "url": "https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-prime-os-rfq-execution.jpg",
        "caption": "A sophisticated, cross-structured mechanism illustrates the Principal's operational framework for institutional digital asset derivatives. This system optimizes RFQ protocols for atomic settlement of block trades, integrating dark liquidity with implied volatility surfaces. It signifies a robust execution management system EMS, ensuring best execution and capital efficiency within complex market microstructure, offering a comprehensive solution for Bitcoin options and Ethereum futures trading."
    },
    "keywords": [
        "Collaborative Bidding",
        "Evaluation Team",
        "Innovation Procurement",
        "Past Performance",
        "Procurement Process",
        "Procurement Strategy",
        "Request for Proposal",
        "Request for Solution",
        "RFP Scoring Model",
        "RFS Criteria",
        "Solution Design",
        "Strategic Sourcing",
        "Vendor Evaluation",
        "Vendor Partnership"
    ]
}
```

```json
{
    "@context": "https://schema.org",
    "@type": "WebSite",
    "url": "https://options.greeks.live/",
    "potentialAction": {
        "@type": "SearchAction",
        "target": "https://options.greeks.live/?s=search_term_string",
        "query-input": "required name=search_term_string"
    }
}
```


---

**Original URL:** https://options.greeks.live/question/what-are-the-key-differences-in-the-evaluation-criteria-used-for-an-rfs-versus-an-rfp/
