What is Bid Document in Project Management?

Learn Bid Document definition in project management with explanation to study “What is Bid Document”. Study bid document explanation with project management terms to review project management course for online MBA programs.

Bid Document Definition

Bid Document Explanation

The process of identifying potential sellers and selecting the suitable one involves writing and circulating bid documents. The terms bid, tender, or quotation is used when the main focus of the buyer is on cost while the term proposal is used when the focus is on technicalities. The bid documents are of different types depending on their use. One of this is called request for information which is used when additional information is requested of the sellers. The other type is called request for quotation which is used when the sellers are requested to provide the costs associated with performing the specific task or providing the products or services. The third type is called request for proposal which is used when the sellers are asked to provide a solution to a problem. This type is the most formal one and observe strict rules.

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