Key Takeaways (from the text (Project Management)Commodities are purchased through suppliers using a request for quote (RFQ) and selected on the basis of price. An exception is the key supplier relationship where the supplier-organization relationship is long term and the supplier passes along some of the savings of avoiding the bidding process.Vendors provide products and services that are designed for the project based on a request for proposal (RFP) that invites the vendors to meet the goals of the request using their products and skills.If the organization lacks key skills or relationships, it might form a partnership arrangement with another company to share the benefits and risks of the project.QUESTION TO ANSWER: What is the difference between an RFP and an RFQ?

Organization- An organization is a group of individuals working together to achieve predetermined…

Answered: Key Takeaways (from the text (Project…

Understanding Business

12th Edition

ISBN:9781259929434

Author:William Nickels

Publisher:William Nickels

Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment

Section: Chapter Questions

Problem 1CE

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Key Takeaways (from the text (Project Management)

Commodities are purchased through suppliers using a request for quote (RFQ) and selected on the basis of price. An exception is the key supplier relationship where the supplier-organization relationship is long term and the supplier passes along some of the savings of avoiding the bidding process.
Vendors provide products and services that are designed for the project based on a request for proposal (RFP) that invites the vendors to meet the goals of the request using their products and skills.
If the organization lacks key skills or relationships, it might form a partnership arrangement with another company to share the benefits and risks of the project.

QUESTION TO ANSWER: What is the difference between an RFP and an RFQ?

Definition Definition Arrangement between two or more people whereby they agree to manage business operations and share its profits and losses in an agreed ratio. The agreement drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, and drawings of a partner.

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