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MGMT610 Risk Management

Published : 22-Sep,2021  |  Views : 10

Question:

If you were building your own house, what would be an example of something that would be procured using a request for quotation (RFQ), and something that would be procured with a request for proposal (RFP)? Describe how your choices meet the descriptions of products or services procured from suppliers or vendors.

Answer:

Request for Quotation (RFQ)

Request for Quotation is basically based on the material requirement of the buyer. In this, the buyers know exactly what they will need for building a house and the quotation is done for the price of the material (Bradford, & Works, 2016). The contract for the housing develops the RFQ for the materials like carpentry, electrical supplies, plumbing, paints, etc. The contractor develops the price for the materials that the buyers need to get as they are specific about the material that needs to be used in the construction of the house. For example; the material that buyer required for the RFQ is the furniture, doors and windows, bricks and paints. The product or the material was purchased as per the preference of the consumer.

Request for Proposal (RFP)

Request for proposal is normally based on the problem that the buyer faces during the structure of the house. The purchaser seeks assist or the solution from the contractor regarding the textile that will be use in the construction and also the price of the materials (Garrett, 2013). The proposal is made to understand the alternative choice for the building materials. For example; the material that needs proposal or the solution from the supplier is the cement to be used, electrical appliances, flooring, and insulation. The product was bought as per the suggestion of the supplier.

Products or services procured from suppliers

The selection of the product was precise when it is the topic of construction of the house. The RFQ was for the furniture, paint and all the products that were known specifically by the owner of the house to be used in the construction. The supplier just informs about the price of the product. The entire quality and the material are selected by the buyer. But in some cases like the electrical appliance or the plumbing part is better known by the supplier and for that, the buyer seeks help regarding the material to be used. Here the buyer formed the RFP for the housing construction. To build a perfect house with good quality of product request for quotation and request for proposal both are needed. As this help the buyer to procure the best thing for the construction of the house. The primary choice of the paint was the best plastic paint in the country and this was previously selected by the buyer without any problem. The materials are selected by the buyers as per the preference of the customer and also the quality of the product. But in some cases when the buyer face problem for selecting the best material they took solution or advice from the suppliers. This is done so that the house is perfect and safe to live in and also it stays for the lifelong without any destruction. In both the things, quality is the important to look after in the material for housing construction.

References

Bradford, M., & Works, D. (2016). Request for Quotation.

Garrett, M. (2013). REQUEST FOR PROPOSAL.

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