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Z94.4 - Cost Engineering & Project Management

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FACTORY EXPENSE. (See PLANT OVERHEAD.)

FAIR VALUE. That estimate of the value of a property that is reasonable and fair to all concerned, after every proper consideration has been given due weight.

FEE. The charge for the use of ones services to the extent specified in the contract.

FIELD COST. Engineering and construction costs associated with the construction site rather than with the home office.

FIELD LABOR OVERHEAD. The sum of the cost of payroll burden, temporary construction facilities, consumables, field supervision, and construction tools and equipment.

FIELD ORDER. A written order issued by the engineer to the contractor which orders minor changes in the work but which does not involve an adjustment in the contract price or the contract time.

FIELD SUPERVISION. The cost of salaries and wages of all field supervisory and field support staff personnel (excluding general foreman), plus associated payroll burdens, home office overhead, living and travel allowances, and field office operating costs.

FIFO (FIRST IN, FIRST OUT). A method of determining the cost of inventory used in a product. In this method, the costs of materials are transferred to the product in chronological order. Also used to describe the movement of materials. (See LIFO.)

FINANCIAL LIFE. (See VENTURE LIFE.)

FINISHED GOODS. Commodities that will not undergo any further processing and are ready for sale to the user (eg, apparel, automobiles, bread).

FIRST COST. Costs incurred in placing a facility into service, including but not limited to costs of planning, design, engineering, site acquisition and preparation, construction, purchase, installation, property taxes paid and interest during the construction period, and construction-related fees. Syn: Initial Investment Cost; Initial Cost.

FIRST EVENT NUMBER. The number of the first event in time for a work package or summary item. This event number defines the beginning of the work package or summary item in relation to the network.

FIXED COSTS. Those costs independent of short term variations in output of the system under consideration. Includes such costs as maintenance; plant overhead; and administrative, selling and research expense. For the purpose of cash flow calculation, depreciation is excluded (except in income tax calculations).

FIXED PRICE CONTRACT. Contract where the contractor agrees to furnish services and material at a specified price, possibly with a mutually agreed-upon escalation clause. This type of contract is most often employed when the scope of services to be provided is well defined.

FLOAT. (l) In manufacturing, the amount of material in a system or process, at a given point in time, that is not being directly employed or worked upon. (2) in construction, the cushion or slack in any noncritical path in a network planning system. Syn: Slack, Path Float.

FORECAST. An estimate and prediction of future conditions and events based on information and knowledge available at the time of the forecast.

FORWARD PASS. (1) In construction, network calculations which determine the earliest start/earliest finish time (data) of each activity. (2) in manufacturing, often referred to as forward scheduling, a scheduling technique where the scheduler proceeds from a known start date and computes the completion date for an order usually proceeding from the first operation to the last.

FRACTILE. A selected portion of a distribution of values (eg, quartile).

FRAG NET. A portion or fragment of a CPM network usually used to illustrate changes to the whole network.

FREE FLOAT (FF). The amount of time that the completion of an activity may exceed its scheduled finish time without increasing the start time of any succeeding activity.

FREE HAUL. The distance every cubic yard of excavated material is entitled to be moved without an additional charge for haul.

FRINGE BENEFITS. Employee welfare benefits, ie, expenses of employment such as holidays, sick leave, health and welfare benefits, retirement fund, training, supplemental union benefits, etc.

FUNCTION. An expression of conceptual relationships useful in model formulations (eg, productivity is a function of hours worked).

FUNCTIONAL REPLACEMENT COST. The current cost of acquiring the same service potential as embodied by the asset under consideration.

FUNCTIONAL USE AREA. The net usable area of a building or project exclusive of storage, circulation, mechanical, and similar types of space.

FUNCTIONAL SYSTEM. An assembly of parts or components and/or subsystems having one primary end use in the project. It should be noted that secondary and tertiary uses for functional systems are common.

FUNCTIONAL WORTH. The lowest overall cost for performing a function. Four types are as follows: Cost Value — the monetary sum of labor, material, burden, and all other elements of cost required to produce an item or provide a service. Esteem Value — the monetary measure of the properties of a product or service, which contribute to desirability or salability but not to required functional performance. Exchange Value — the monetary sum at which a product or service can be traded. Use Value – the monetary measure of the necessary functional properties of a product or service that contribute to performance.

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