The standard for project management

Request for Quotation (RFQ)

. A type of procurement document used to request price quotations from prospective 

sellers of common or standard products or services. Sometimes used in place of request for proposal and, in some 

application areas, it may have a narrower or more specific meaning.

Requirement.

 A condition or capability that is necessary to be present in a product, service, or result to satisfy a 

business need.

Requirements Documentation.

 A description of how individual requirements meet the business need for the project.