Key Terms

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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.


Direct costs


Bidder conferences

Evaluation criteria

Qualified seller list

Centralized contracting

Fixed-Price contracts



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


Statement of Work

Decentralized contracting

Procurement audits

Time and Materials


Procurement Management Plan


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PMP Project Management Professional Study Guide
PMP Project Management Professional Study Guide, Third Edition (Certification Press)
ISBN: 0071626735
EAN: 2147483647
Year: 2004
Pages: 209

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