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RFP and Bid Management
On this page we will explain what RFP and Bid Management entales. A request for proposal (RFP) is a business document that announces a project, describes it, and solicits bids from qualified contractors to complete it. Most organizations prefer to launch their projects using RFPs, and many governments always use them. When using an RFP, the entity requesting the bids is responsible for evaluating the feasibility of the bids submitted, the financial health of the bidding companies, and each bidder’s ability to undertake the project.
Key Takeaways for RFP
A request for proposal (RFP) is a project announcement posted publicly by an organization indicating that bids for contractors to complete the project are sought. The RFP defines the project, for the company that issues it as well as the companies that respond to it. The RFP describes the project, its goals, and the organization that is sponsoring it and outlines the bidding process and contract terms.
RFPs are used by most government agencies and many private companies and organizations.
The alternative is a less formal process that may fail to identify the best vendor and the best plan for accomplishing a project.
Benefits of an RFP
An RFP is, in part, an advertisement. It announces that a project is proceeding, andproceeding and opens the door to qualified candidates who can get the job done. In government, the RFP has been adopted as a way to ensure that cronyism is removed as a factor in the rewarding of contracts. It also opens up the process to competition, which can be expected to keep project costs lower.
The alternative to an RFP is a less formal process requiring a project manager to research and identify potential vendors for a project. Depending on how exhaustive the search is, the potential responses can be limited. New vendors and innovative answers may be less likely to be uncovered.
RFP and Bid Management by SavCon
SavCon’s experienced and diverse estimating and bidding team manages the entire procurement and bidding process. At all phases of this process, the team is tasked with exploring all VE options and ways to bring construction projects in, under budget and ahead of schedule. SavCon utilizes a multitude of comprehensive Project Management software systems that allow us, as the builder, to manage the entire bidding process from bid package creation to bid award. Before completion and submission of all RFPs, we always compare back to our historic experience to analyze various metrics; budget, quality, and schedule are properly assumed for your specific project.
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