Z94.4 - Cost Engineering & Project Management
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EARLIEST EXPECTED COMPLETION DATE. The earliest calendar date on which the completion of an activity work package or summary item occurs.
EARLY EVENT TIME (EV). The earliest time at which an event may occur.
EARLY FINISH TIME (EF). The earliest time at which an activity can be completed; equal to the early start of the activity plus its remaining duration.
EARLY START TIME (ES). The earliest time any activity may begin as logically constrained by the network for a specific work schedule.
EARLY WORK SCHEDULE. Predicated on the parameters established by the proposal schedule and any negotiated changes, the early work schedule defines reportable pieces of work within major areas. The format is developed into a logic network including engineering drawings, bid inquiries, purchase orders, and equipment deliveries, and can be displayed as a time-phased network. The detail of this schedule concentrates on projected engineering construction issue drawings released and equipment deliveries. The activities of the early part of construction are more defined than in the proposal or milestone schedule.
EARNED VALUE. The periodic, consistent measurement of work performed in terms of the budget planned for that work. In criteria terminology, earned value is the budgeted cost of work performed. It is compared to the budgeted cost of work scheduled (planned) to obtain scheduleperformance and it is compared to the actual cost of work performed to obtain cost performance.
EARNED VALUE CONCEPT. The measurement at any time of work accomplished (performed) in terms of budgets planned for that work, and the use of these data to indicate contract cost and schedule performance. The earned value of work done is quantified as the budgeted cost for work performed (BCWP) compared to the budgeted cost for work scheduled (BCWS) to show schedule performance and compared to the actual cost of work performed (ACWP) to indicate cost performance.
EARNED VALUE REPORTS. Cost and schedule performance reports that are part of the performance measurement system. These reports make use of the earned value concept of measuring work accomplishment.
EARNINGS VALUE. The present worth of an income producer’s probable future net earnings, as prognosticated on the basis of recent and present expense and earnings and the business outlook.
ECONOMIC RETURN. The profit derived from a project or business enterprise without consideration of obligations to financial contributors and claims of others based on profit.
ECONOMIC VALUE. The value of property in view of all its expected economic uses, as distinct from its value in view of any particular use. Also, economic value reflects the importance of a property as an economic means to an end, rather than as an end in itself.
ECONOMY. The cost or profit situation regarding a practical enterprise or project as in economy study, engineering economy, and project economy.
EFFECTIVE DATE OF THE AGREEMENT. The date indicated in the agreement on which it becomes effective, but if no such data is indicated, the date on which the agreement is signed and delivered by the last of the two parties to sign and deliver.
ELEMENTARY COMMODITY GROUPS (ELEMENTARY GROUPS). The lowest level of goods and services for which a consistent set of value weights is available.
ENDING EVENT. The event that signifies the completion of all activities leading to that event.
ENDING NODE OF NETWORK (ADM). A node where no activities begin, but one or more activities end.
END NETWORK EVENT. The event that signifies the end of a network.
ENDOWMENT. A fund established for the support of some project or succession of donations or financial obligations.
ENGINEER (IN CONTRACTS). The individual, partnership, corporation, joint venture, or any combination thereof, named as the engineer in the agreement who will have the rights and authority assigned to the engineer in the contract documents. The term “the engineer” means the engineer or the engineer’s authorized representative.
EQUITABLE ADJUSTMENT. A change in the contract price and/or time to compensate the contractor for expense or delay incurred due to the actions or lack of action of the owner or the owner’s representatives or other occurrences, or to compensate the owner for contract reductions. The objective of an equitable adjustment is to put the contractor on the same relative financial position after the change as before the change.
EQUIVALENT SETS OF COMMODITIES. Sets of commodities which provide the same total satisfaction to a given group of consumers (without necessarily being identical).
ERROR. Any item or activity in a system that is performed incorrectly, resulting in a deviation, eg, design error, fabrication error, construction error, etc. An error requires an evaluation to determine what corrective action is necessary.
ERRORS AND OMISSIONS. Deficiencies, usually in design or drafting, in the plans and specifications that must be corrected in order for the facility to operate properly. Errors in plans and specifications are normally items that are shown incorrectly, while omissions are normally items that are not shown at all.
ESCALATION. The provision in actual or estimated costs for an increase in the cost of equipment, material, labor, etc, over that specified in the purchase order or contract due to continuing price level changes over time.
ESCALATOR CLAUSE. Clause contained in collective agreements, providing for an automatic price adjustment based on changes in specified indices.
ESTEEM VALUE. (See FUNCTIONAL WORTH.)
ESTIMATE, COST. An evaluation of all the costs of the elements of a project or effort as defined by an agreed-upon scope. Three specific types based on degree of definition of a process industry plan
1. Order of Magnitude Estimate - an estimate made without detailed engineering data. Some examples would be: an estimate from cost capacity curves, and estimate using scaleup or down factors, and as approximate ratio estimate. It is normally expected that an estimate of this type would be accurate within plus 50 percent or minus 30 percent.
2. Budget Estimate – Budget in this case applies to the owner’s budget and not to the budget as a project control document. A budget estimate is prepared with the use of flow sheets, layouts and equipment details. It is normally expected that an estimate of this type would be accurate within plus 30 percent or minus 15 percent.
3. Definitive Estimate – as the name implies, this is an estimate prepared from very defined engineering data. The engineering data includes as a minimum, nearly complete plot plans and elevations, piping and instrument diagrams, one line electrical diagrams, equipment data sheets and quotations, structural sketches, soil data and sketches of major foundations, building sketches, and a complete set of specifications. This category of estimate covers all types from the minimum described above to the maximum definitive type which would be made form “approved for construction” drawings and specifications. It is normally expected that an estimate of this type would be accurate within plus 15 present and minus 5 percent.
ESTIMATE-TO-COMPLETE. The estimated workhours, costs, and time and/or v materials required to complete a work package or summary item (includes applicable overhead unless only direct costs are specified).
EVENT. An identifiable single point in time on a project. Graphically, it is represented by a node. An event occurs only when all work preceding it has been completed. It has zero duration.
EVENT NAME. An alphanumeric description of an event.
EVENT NUMBER. A numerical description of an event for computation and identification.
EVENT SLACK. The difference between the latest allowable date and the earliest date for an event.
EVENT TIMES. Time information generated through the network analysis calculation, which identifies the start and finish times for each event in the network.
EXCHANGE VALUE. (See FUNCTIONAL WORTH.)
EXEMPT. Employees exempt from federal wage and hours guidelines.
EXPANSION. Any increase in the capacity of a plant facility or unit, usually by added investment. The scope of its possible application extends from the elimination of problem areas to the complete replacement of an existing facility with a larger one.
EXPECTED BEGIN DATE. Begin date assigned to a specific activity. Syn: Target Start Date.
EXPENSE. Expenditures of short-term value, including depreciation, as opposed to land and other fixed capital. For factory expense. (See PLANT OVERHEAD.)
EXTRAPOLATION. To infer from values within an observed interval, or to project or extend beyond observed data.
EXPECTED DURATION. The length of time anticipated for a particular activity in the PERT method or in arrow or precedence diagramming methods (ADM, PDM).
EXPECTED ELAPSED TIME. Statistically weighted time estimates or a single knowledgeable estimate for activity duration. If a weighted or mean time estimate, it incorporates an optimistic (a) most likely (m) and pessimistic (b) estimate for the work to be accomplished.
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