Purchasing Agent how-to

How to Run a Request for Quotation

RFQs help get competitive prices for defined needs.

Updated By the Career Education Institute Curriculum Team
Quick answer

RFQs help get competitive prices for defined needs. In short: define; choose; send, then complete the remaining steps below.

Step by step

  1. Define the item, quantity, specs and delivery dates.

  2. Choose qualified suppliers.

  3. Send the RFQ with a response deadline.

  4. Answer supplier questions fairly.

  5. Compare quotes on price, lead time and terms.

  6. Select a supplier and issue a PO.

Safety reminders for purchasing agents

  • Follow ethics rules on gifts and conflicts of interest
  • Protect confidential pricing data
  • Verify suppliers to prevent fraud
  • Follow procurement laws for public purchasing

RFQ · RFP · Purchase order (PO) · Lead time · Total cost of ownership · Sole source: see the full purchasing agent glossary.

More purchasing agent how-to guides

Learn this in Purchasing Agent trainingTake the practice test
Enroll in trainingTake fit quiz