Request for Proposal- RTP is also called Request for Tender.
Request for proposal is published by the company when they know that they have a problem but do not know how to resolve it. RFP specifies what the client is looking for and provides a brief description of the each evaluation criterion for response.
Statement of work( SOW ) is included in request for proposal, which basically defines the scope of work to be addressed by the winning bidder and also mentions the timelines for the solution to be delivered.
Request for proposal also provides information along with instructions to be followed on how the response to be constructed and organised.
The response for proposal consists of the following:
a. Executive summary
b. About the company
c. Solution that can be offered
d. Governance Model
e. Business Terms
f. Risks specified
g. Mitigation specified
i. Case studies
Request for proposal allows the suppliers/vendors to specify how the requirements are met and why the project should be given to them. It is called as Bidding, Then the client decides the whom the project should be given and that is based on the responses the client receive on the returned proposal.