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Z94.4 - Cost Engineering & Project Management

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TAKE-OFF. Measuring and listing from drawings the quantities of materials required in order to price their cost of supply and installation in an estimate and to proceed with procurement of the materials.

TANGIBLES. Things that can be quantitatively measured or valued, such as items of cost and physical assets.

TARGET DATE. The date an activity is desired to be started or completed; either externally imposed on the system by project management or client, or accepted as the date generated by the initial CPM schedule operation.

TARGET REPORTING. A method of reporting the current schedule against some established base line schedule and the computations of variances between them.

TARGET START DATE. (See EXPECTED BEGIN DATE.)

TASK. The smallest unit of work planned. It must have an identifiable start and finish and usually produces some recognizable results.

TASK MONITOR. The individual assigned the monitoring responsibility for a major effort within the program.

TAXES PAYABLE. Tax accruals due within a year.

TEMPORARY CONSTRUCTION COST. Includes costs of erecting, operating, and dismantling impermanent facilities, such as offices, workshops, etc., and providing associated services such as utilities.

TERMINATION. Actions by the owner, in accordance with contract clauses, to end, in whole or in part, the services of the contractor. Termination may be for the convenience of the owner or for default by the contractor.

TERMS OF PAYMENT. Defines a specific time schedule for payment of goods and services and usually forms the basis for any contract price adjustments on those contracts that are subject to escalation.

THIRD PARTY CLAIM. A claim against either or both the owner or the contractor by members of the public, or other parties, usually for property damage or personal injury.

TIED ACTIVITY. An activity that must start within a specified time or immediately after its predecessors completion or start.

TIME EXTENSION. An increase in the contract time by modification to complete an item of work. Time extension may be granted under the corresponding provisions in the general conditions. An excusable delay generally entitles a contractor to a time extension.

TIME HORIZON. (See STUDY PERIOD.)

TIME-LIMITED SCHEDULING. The scheduling of activities so predetermined resource availability pools are not exceeded unless the further delay will cause the project finish to be delayed. Activities can be delayed only until their late start date. However, activities will begin when the late start date is reached, even if resource limits are exceeded. Networks with negative total float time cannot be processed by time-limited scheduling.

TIME NOW LINE. The point in time that the network analysis is based upon. May or may not be the data date. (See STATUS LINE.)

TIME OF THE ESSENCE. A contract requirement that completion of the work within the time limits in the contract is essential. Failure to do so is a breach for which the injured party is entitled to damages.

TIME SCALED CPM. A plotted or drawn representation of a CPM network where the length of the activities indicates the duration of the activity as drawn to a calendar scale. Float is usually shown with a dashed line as are dummy activities.

TIME UNIT. (See CALENDAR UNIT.)

TOTAL COST BIDDING. A method of establishing the purchase price of movable equipment; the buyer is guaranteed that maintenance will not exceed a set maximum amount during a fixed period and that the equipment will be repurchased at a set minimum price when the period ends.

TOTAL FLOAT (TF). The amount of time (in work units) that an activity may be delayed from its early start without delaying the project finish date. Total float is equal to the late finish minus the early finish or the late start minus the early start of the activity.

TRACKING. A form of monitoring applied to projects. The measurements are expected to change according to the planned progress.

TRANSFER PRICE. A term used in economic analysis in the mineral processing industries; used to assign a value to raw materials when the same company does the mining and processing; usually equal to the fair market value.

TURNOVER RATIO. The ratio of annual sales to investment. Inclusion of working capital is preferable, but not always done. Turnover ratio is considered by some to be reasonable basis for a guesstimate of facilities cost, for new products similar to existing products. It ranges around 1.0 for many chemical plants. The product of turnover ratio and profit margin on sales gives a return-on-investment measure.

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