Which of the Following Is True About a Request for Quote

question 57

Multiple Choice

Which of the following is true about a request for quote?

• A) The process of developing a quote in response to an RFP can be very expensive for the bidder.
• B) The project team should not issue an RFP to a company that is not eligible to win the bid.
• C) The type of materials or service is not well defined.
• D) The bidder that can meet the project quality and schedule requirements usually wins the contract by quoting the lowest price.
• E) It accounts for price but focuses on meeting the project quality or schedule requirements.

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Definitions:

Extraction Costs

The expenses associated with the removal of natural resources from the earth, such as mining or drilling.

Price of Resource

The cost associated with securing a natural or economic resource for use in production or consumption.

Extraction Costs

Costs related to extracting natural resources from the ground, like mining or drilling activities.

Quantity Extracted

The amount of a resource or good that is removed from its natural setting or produced over a given period.