How to Get a Job For Project Managers

Learn how to write resume and interview

Leadership for Project Managers

Learn how to lead and drive project success.

Project Management with AI

From a beginner to project management professional.

Agile Project Management and SCRUM with AI

Learn to run Scrum and Agile with AI.

time and materials (T&M) contract

A hybrid agreement that blends cost-reimbursable and fixed-price features: the buyer pays for actual labor time at agreed rates and for materials (often with markups), usually with a not-to-exceed cap to control total cost.

Key Points

  • Payment is based on actual hours worked at preset labor rates plus the cost of materials used.
  • Risk is shared: buyer exposure increases if effort grows; seller risk is lower than with fixed-price but higher than pure cost-reimbursable.
  • Often used when scope or duration is uncertain; contracts commonly include a ceiling price and require detailed time sheets and receipts.
  • Requires tight oversight and rate cards; can transition to fixed-price once scope is well defined.

Example

A team needs a data migration expert for an unpredictable amount of rework. They sign a T&M contract at $140/hour plus actual cloud transfer fees, capped at $80,000. The vendor submits weekly time sheets and receipts, and the buyer pays for approved hours and materials up to the cap.

PMP Example Question

A project requires specialized skills for an unclear amount of effort. The buyer wants predefined labor rates and a cap on total spending. Which contract type is most appropriate?

  1. Firm fixed-price (FFP)
  2. Time and materials (T&M) with a not-to-exceed ceiling
  3. Cost-plus-incentive-fee (CPIF)
  4. Lump-sum purchase order

Correct Answer: B — Time and materials (T&M) contract

Explanation: T&M pays for actual time and materials at agreed rates and often includes a ceiling price, making it suitable when scope and duration are uncertain but cost control is desired.

Agile Project Management & Scrum — With AI

Ship value sooner, cut busywork, and lead with confidence. Whether you’re new to Agile or scaling multiple teams, this course gives you a practical system to plan smarter, execute faster, and keep stakeholders aligned.

This isn’t theory—it’s a hands-on playbook for modern delivery. You’ll master Scrum roles, events, and artifacts; turn vision into a living roadmap; and use AI to refine backlogs, write clear user stories and acceptance criteria, forecast with velocity, and automate status updates and reports.

You’ll learn estimation, capacity and release planning, quality and risk management (including risk burndown), and Agile-friendly EVM—plus how to scale with Scrum of Scrums, LeSS, SAFe, and more. Downloadable templates and ready-to-use GPT prompts help you apply everything immediately.

Learn proven patterns from real projects and adopt workflows that reduce meetings, improve visibility, and boost throughput. Ready to level up your delivery and lead in the AI era? Enroll now and start building smarter sprints.



Stop Managing Admin. Start Leading the Future!

HK School of Management helps you master AI-Prompt Engineering to automate chaos and drive strategic value. Move beyond status reports and risk logs by turning AI into your most capable assistant. Learn the core elements of prompt engineering to save hours every week and focus on high-value leadership. For the price of lunch, you get practical frameworks to future-proof your career and solve the blank page problem immediately. Backed by a 30-day money-back guarantee-zero risk, real impact.

Enroll Now