Certified Texas Contract Manager Practice Exam

Question: 1 / 400

What does RFO stand for in the context of procurement?

Request for Offers

The term RFO stands for "Request for Offers" in the context of procurement. This terminology indicates a formal process where an organization solicits bids or proposals from vendors or contractors to provide goods or services. The use of "Request for Offers" highlights that the entity is seeking competitive proposals that will allow them to evaluate and select the best option to meet their needs, fostering an environment of competition that can yield better pricing and quality.

In procurement, clarity and conventions in terminology are important; the term directly reflects the intention of acquiring vendor offers rather than merely collecting information or presenting recommendations. Understanding the precise meaning of RFO ensures that all stakeholders are aligned in the procurement process, facilitating a more efficient and effective acquisition strategy.

Get further explanation with Examzify DeepDiveBeta

Request for Options

Requirement for Offers

Recommendation for Offers

Next Question

Report this question

Subscribe

Get the latest from Examzify

You can unsubscribe at any time. Read our privacy policy