LTMS 530Evaluate and Select Products and Applications

Topics• Criteria for evaluation• RFIs,(request for information• RFQs, (request for quotes)• RFPS (request for proposal)• Process of Conducting Bids

Criteria for Evaluation• Price• Quality of Solution• Does it meet the intent?• Company History (may ask for

company financials; how often have the done this for others, )

• Time to Deliver (how long to implement)

• Financial Stability• Guarantees

Request for Information (RFI)

• Informal Document (used to determine interest from vendors; lets you know who’s got the product, who’s willing to wok with you; if they are in your budget)

• Determine Interest from Vendors• Get ballpark pricing for Customer (can

allow you to seek out others to help lower pricing

• Prepare Vendor for actual RFQ/RFP (let’s vendor aware of what’s to come;

Request for Quotes/Proposals• Formal Document• Officer(main point of contact purchasing

coordinator)• Requirements (more defined)• Timelines (specific detail)• Evaluation Methods (includes rubric on how the

proposal will be distributed)• Pricing Templates (include an excel spreadsheet –

notes taxing)

Bid process• Determine Requirements• Develop Request Document• Release Document (generally a one-page summary to start to

invite those who want to bid)• Conduct Pre-bid Meeting (two weeks after release of full rfp – then

allow vendors to ask questions)• Cutoff questions (generally answers are sent in writing and

dispersed to all bidders)• Receive Proposals (evaluation begins; time-stamp receipt and

opening)• Conduct Vendor Interviews• BAFOs ( ask for best and final offer from vendor)• Award Contract • Negotiate Contract (be sure you are happy with terms

andspecifics)• Contract Signature