Project "RFPs" (Request for Proposals) are most effectively prepared using pre-defined standards that provide content guidelines, along with established viability criteria to facilitate evaluation and promote informed decision making. That's the simplest way to get things done and to meet all defined objectives. The key is consistency and built-in flexibility. Read on for more.
To achieve all the intended benefits, RFP standards must extend beyond the planning and production steps to the types of guidelines and criteria to be used to evaluate the responses received. RFP preparation is only half the battle – to define requirements and solicit related proposals. To reach required goals, you must also be prepared to properly and fairly evaluate the responses received. And you can’t afford to wing it once submissions start rolling in.
In order to receive the highest quality responses, every RFP should be standardized to incorporate the following five (5) content components:
Once RFP responses are received, each response must be reviewed and evaluated to determine the selected proposal. Using a pre-defined "scoring system", each element of the RFP can then be ranked according to the "degree" to which requirements and priorities are met. To meet these goals, RFP evaluation standards are organized into three (3) actionable components: criteria, degree and priority.
How will RFP's be evaluated? Using a standardized scoring system, "points"can be assigned to each criteria component according to the degree (extent) to which the proposed solution meets stated requirements. This is illustrated below:
The third element of the scoring system is the "priority ranking". In the course of the RFP process, bidders will be asked to respond to multiple requirements. The degree to which each requirement can be met will vary, even within a single proposal. On the other hand, since some requirements will carry more weight than others, wiggle room may exist. Priority rankings will help you to put requirements in perspective, helping you to identify the points at which compromise is possible. For example... You have received several RFP responses and you have identified the solution that best meets your technical requirements. However, this vendor is unable to meet your delivery and installation timeframe. Can you compromise? Priority rankings can help you figure it out, as illustrated below:
The Request for Proposal (RFP) is an important "project procurement deliverable", used to solicit competitive bids prior to the purchase of project related goods and services. You don't always need an RFP to make those purchases, but when you do, you need a good one. Read More
Are you ready to lead your I.T. department to become more valued, relevant and responsive? If so, then you need the IT Service Strategy Toolkit from ITtoolkit.com! The Toolkit teaches you how to "add value" to IT projects and services -- using our time-saving "service strategy process". It's ready for instant download, filled with 400+ pages of steps, guidelines, practices and templates. Find Out More
While you're here, don't forget to check out our collection of free templates, whitepapers and management infographics.
You can find our most popular blog articles at the links below, organized by subject matter.
Strategic "project fast tracking" is a streamlined project management process, specifically used to overcome the most common types of project obstacles, including insufficient time, resource shortages, budgetary deficiencies and stakeholder conflicts.
Get an illustrated view of the fast tracking process in the "Step-by-Step to a Fast Tracked Project" infographic.
Sign up for the ITtoolkit.com newsletter and be the first to know about our latest blog articles, templates, white papers, infographics, and special offers.
We won't overload your inbox and we don't share or sell subscriber information. Just enter your email address below.