Definition: RFQ means request for quotation: a structured request asking suppliers to provide commercial and technical information for a defined requirement.
Why it matters in supplier selection
An RFQ supports comparison only when the scope, quantity, currency, Incoterms, delivery location, lead time, evidence and response format are consistent.
Practical example
If one supplier quotes EXW and another quotes DDP, the prices cannot be treated as directly comparable until logistics, duty and delivery responsibilities are normalized.
Fictional example: the figures or scenario are illustrative and do not describe a real supplier or client outcome.
How to use the term in a decision record
State the definition, source data, owner and decision treatment clearly. Do not use the term as shorthand for an undocumented assumption. Where the concept affects a score, cost or risk result, preserve the formula or evidence reference and the version date.