What is the method for obtaining price and delivery information from potential sellers?

The method for obtaining price and delivery information from potential sellers is best represented by the Request for Quotations (RFQ). An RFQ is a formal invitation issued to suppliers asking for their pricing and delivery terms for specific products or services. It allows organizations to solicit detailed quotes from multiple vendors, giving them the information needed to make informed purchasing decisions.

Through an RFQ, companies can compare the proposals received to ascertain which vendor provides the best value based on price, lead times, and other relevant criteria. This systematic approach ensures that procurement follows a clear process that facilitates competitive bidding, thus promoting cost efficiency in sourcing.

In contrast, while a Request for Information (RFI) might gather general information about suppliers and their capabilities, it doesn’t focus solely on price and delivery specifics. Negotiation and single-source negotiation refer to discussions and agreements with a specific supplier rather than inviting multiple quotes explicitly, which does not align with the purpose of gathering price and delivery data systematically across various options.