As PMs, we are sometimes asked to lead or participate in the RFP process. For those not familiar with this process, it is a formal process used to select a particular vendor (or sometimes vendors) for the purchase of specific products or services. So what makes an effective RFP process? Well, first we need to answer the question ‘What is the impact of running an ineffective RFP process?’ It is the same as making a bad investment decision, because you have to live with the consequences of your actions. The main reason for these ineffective processes is bad evaluation criteria. Too many companies spend little to no time up front in determining the appropriate evaluation criteria and identifying the appropriate team members to evaluate RFP proposals. An effective RFP process will lead to increased value for your organization and ensures that you are selecting the best strategic partners for your organization. There are three things to focus on to run an effective process: