Final answer:
An RFP is a formal document used in the business world to invite IT vendors to submit their proposals for providing solutions or services.
Step-by-step explanation:
A request for proposal (RFP) is a formal document that invites third-party IT vendors to submit their proposals for providing solutions or services. It is commonly used in the business world when an organization wants to acquire new technology or services. The RFP outlines the organization's requirements, expectations, and evaluation criteria, allowing vendors to understand the project scope and submit tailored proposals.