Project Management Terminology

Bidder Conference. The meetings with prospective sellers prior to the preparation of a bid or proposal to ensure all prospective vendors have a clear and common understanding of the procurement. Also known as contractor conferences, vendor conferences, or pre-bid conferences.

Mind-Mapping. A technique used to consolidate ideas created through individual brainstorming sessions into a single map to reflect commonality and differences in understanding and to generate new ideas.

Common Acronyms

FPEPA (english) : Fixed price with economic price adjustment

If you are managing projects here are 6 good reasons to obtain your certification as Project Management Professional, PMP.

Discover how you can accomplish your PMP in 6 months as a very busy person.

Question to a Project Management Professional

Question Select the best option
The project charter should be …
  1. … elaborated by all members of the project team to describe the working principles and ground rules to which they have agreed.
  2. … issued by a manager external to the project to provide the project manager with the authority to apply organizational resources to project activities.
  3. … submitted by the project manager in order to provide the project sponsor with a clear description deliverable.
  4. … prepared by the project manager and the project team for approval by the client to describe each work package and their deliverables.
Answer & Explanation
Right answer
  1. … elaborated by all members of the project team to describe the working principles and ground rules to which they have agreed.
  2. … issued by a manager external to the project to provide the project manager with the authority to apply organizational resources to project activities.
  3. … submitted by the project manager in order to provide the project sponsor with a clear description deliverable.
  4. … prepared by the project manager and the project team for approval by the client to describe each work package and their deliverables.

Explanation : A project charter is a document that formally recognizes the existence of a project. It should include, or reference, the business need and the product description. It should be issued by a manager external to the project and at a level appropriate to the needs of the project. It provides the project manager with the authority to apply organizational resources to project activities.

See also PMBOK® Guide – Sixth Edition: Sec. 4.1.

Why are more than 790.000 executives around the globe certified as PMP?

  • Reason 1: Better opportunities for attractive positions
  • Reason 2: Prospects of above average income
  • Reason 3: Personal development
  • Reason 4: Knowledge and ability up to date
  • Reason 5: Competences in the international context
  • Reason 6: Comprehensive operational capability

Discover how you can accomplish your PMP in 6 months as a very busy person.

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