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To pass the PMP exams, you will need to memorize these terms and their definitions. For maximum value, create your flashcards based on these definitions and review them daily. The definitions can be found within this chapter and in the glossary.
Bid | Direct costs | Proposal |
Bidder conferences | Evaluation criteria | Qualified seller list |
Centralized contracting | Fixed-Price contracts | Quote |
Contract | Force majeure | Request for Proposal |
Contract administration | Indirect costs | Request for Quote |
Contract change control system | Invitation for Bid | “Should cost” estimates |
Contract closeout | Letter of Intent | Single source |
Contract file | Make-or-buy analysis | Sole source |
Cost-reimbursable contracts | Procurement | Statement of Work |
Decentralized contracting | Procurement audits | Time and Materials |
Procurement Management Plan |
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