For what purposes can Requests for Quotation be used in procurement?

Requests for Quotation (RFQs) are specifically designed to gather price quotations for goods and services, often in situations where the purchases are relatively minor or uncomplicated. Utilizing an RFQ allows procurement professionals to solicit quotes from multiple suppliers, facilitating a market comparison that helps in making informed purchasing decisions. This comparison can ensure that the organization gets the best value for smaller purchases, where the effort put into negotiating complex contracts may not be warranted.

In contrast, the other options may not inherently align with the standard use of RFQs. Small, unrestricted funding does not directly correlate with the need for an RFQ, as it pertains more to financial thresholds rather than the procurement process. Limited-time contractor assignments might require a different procurement method that better fits the complexity and urgency of the requirements. Exclusive supplier agreements often involve long-term commitments and detailed contract negotiations, moving beyond the straightforward nature of RFQs, which are typically used for relatively simple transactions. Thus, the emphasis on market comparison makes the correct answer particularly suitable for the context of RFQs.