What does the acronym "RFQ" stand for in procurement?

The acronym "RFQ" typically stands for "Request for Quotation." This is a formal process used in procurement where an organization solicits price quotations from suppliers for specific goods or services. The RFQ outlines the items or services required, along with detailed specifications, quantities, and delivery timelines. The purpose of the RFQ is to gather competitive bids from various suppliers to ensure the organization can make informed purchasing decisions based on both price and capability.

The other options, while related to procurement, represent different concepts. "Request for Qualifications" is a separate process focused on evaluating a supplier's capabilities and experience rather than their pricing. "Requirements for Qualification" is unclear in the procurement context and does not represent an industry-standard acronym. Lastly, "Report for Quality" does not align with the procurement communication processes. Therefore, "Request for Quotation" accurately reflects the function and purpose of RFQs in procurement practices.