You are the business analyst for your organization. You've believed that your solution can actually be purchased from outside vendor rather than trying to create the solution internally. You decide to ask the vendor to provide a fee for their services based on the statement of work. What document will you give the vendor along with the statement of work?

A Request for Quote (RFQ) is used when the procuring organization knows the specific solution it wants and is primarily seeking price quotations from vendors. Since the business analyst has a statement of work (SOW) that details the required services, the primary goal is to obtain pricing. The RFQ is the formal document used to solicit these financial bids from potential suppliers for well-defined items or services. This aligns perfectly with asking a vendor for a fee based on a pre-defined SOW.

B. Contract terms are negotiated and finalized after a vendor is selected, not as part of the initial request for a price.
C. A Request for Proposal (RFP) is used when the problem is known, but the solution is not, inviting vendors to propose solutions and costs.
D. A purchase order is a legally binding document issued after a quote is accepted to formally order the goods or services.

A Guide to the Business Analysis Body of Knowledge® (BABOK® Guide) Version 3

Section 11.4.4.2

Inputs. This section discusses procurement inputs

where a statement of work is used to develop a request for a proposal

quote

or information. An RFQ is specified for when the price is the main factor.

Project Management Institute. (2017). A Guide to the Project Management Body of Knowledge (PMBOK® Guide) – Sixth Edition. Section 12.1.3.2

Procurement Documentation. Describes RFQs as being used to seek price quotes.