different types of RFQ's, Quotations and Purchase Orders in Oracle

There are 3 types of RFQ’s 

Ø  Standard RFQ

Ø  Catalog RFQ

Ø  Bid RFQ

Standard RFQ: It is used for the procurement of an item based on our own requirement and hear we get price break where we can bargain for more discount.

Catalog RFQ:  It is used for the procurement of an item here most of the item information will be available on supplier catalog and here also we get price break where we can bargain for more discount.

Bid RFQ: It is used for the procurement of regular items here we get shipment where the item has to sent.

Like RFQ’s there are 3 types of Quotations

o   Standard Quotations

o   Catalog Quotations

o   Bid Quotations

After doing Quote Analysis we can select one best quotation. After we will release purchase orders for a particular item. There are 4 types of purchase orders.

Ø  Standard Purchase Order

Ø  Planed Purchase Order

Ø  Blanket Purchase Order

Ø  Contract Purchase Order

Standard Purchase Order: The standard purchase order is used for the procurement of an item here we know the item,quantity,price,need-by-date, and also hipment where the item has to be sent.

Planed  Purchase Order: Is used for procurement of an item here we know the item ,quantity,proce,need-by-date,and also shipment but supplier will not send the item based on planed purchase order.

The supplier will send item only after releasing the planned purchase order to the supplier.

Blanket purchase Agreement:  Blanket purchase agreement is  the agreement  between supplier and organisation for an amount agree under some terms and conditions.

Here we know the item and price .We don’t know the quantity,need-by-date and shipment and also here we can get a price break where we can get more discount.

The Supplier will send it  item after releasing the blanket purchase agreement t o the supplier.

Contract Purchase Order:   Contract Purchase Order is an agreement between supplier and organisation  for an amount under some terms and conditions.

Here we don’t know the item, quantity ,price,need-by-date, and also shipment.

We have to raise the standard purchase order  against contract purchase agreement and linkup to agreement in the reference document tab we have to attach contract purchase order.