Procurements come in a wide variety of names, including Request for Proposal (RFP), Request for Information (RFI), Request for Quote (RFQ), Request for Offer (RFO), Invitation to Bid (ITB), Indefinite Delivery/Indefinite Quantity (IDIQ), and many more. Every procurement/purchasing agency has their own naming conventions and therefore, the names used can vary.
All procurements however generally have one goal – to solicit, procure, and award a contract for a good, product, and/or service needed. Procurements also tend to ensure an open, competitive environment which allows the agency releasing the procurement to (1) ensure open competition while (2) ensuring they receive bids where they can select the best company, product, and/or service at the most competitive price.