What is an RFP in project management?

An RFP (Request for Proposal) in project management is a document issued by a company or organization to solicit bids from potential vendors or contractors for a specific project or service. RFPs outline project requirements, scope, and evaluation criteria, helping project managers and teams select the best proposal based on quality, cost, and capabilities. Managing RFP processes often involves coordinating with stakeholders and evaluating proposals to ensure project goals are met efficiently.