Terminology - F
F.A.S.
The supply of goods, delivered free alongside ship by the seller. The buyer accepts all charges from the time that the goods are delivered alongside the vessel at the port of shipment. (ACE)
F.I.F.O.
An abbreviation meaning FIRST IN, FIRST OUT PRICE. A term used in declaring the value of stock which varies in cost during a trading period. (ACE)
F.O.B.
The supply of goods in conformity with a contract. where the seller is responsible to pack and deliver the goods FREE ON BOARD a ship at a port, specified by the buyer; after loading on board the seller will supply bills of loading of the said goods, which then stand at the buyer's risk. The stowage charges are vested in the buyer. (ACE)
F.O.R.
The supply of goods in conformity with a contract, where the seller is responsible for placing the goods FREE ON RAIL, including loading the goods into a railway wagon, at a specified station. (ACE)
Fabrication
The assembly, usually from detailed plans, of previously designed portions of a plant or process unit. (ACE)
Fact
Fluor Analytical Costing Technique. (FLUOR)
Factored Estimate
1. Preliminary estimate prepared by factoring known costs from a previous similar project.
2. Preliminary or budget estimate prepared by factoring the costs of major items in order to establish the cost of minor or bulk components. (ACE)
or
A forecast of project cost made by applying multiplying factors to the major items in order to evaluate the minor components. A capital cost forecast of a project when information is limited to a pictorial flow sheet and a geographical location compiled by the use of percentages for various ancillaries, such as electrical work, instruments, pipework, etc., applied to a basic figure comprising the total forecasted cost of a fundamental process equipment. (ACE)
or
Is defined as an estimate which has been built up either from costs of similar projects previously constructed, or else from the cost of major plant machinery and equipment from which all other costs are then factored. This is also known as an ORDER OF MAGNITUDE ESTIMATE. (EMS)
Factored Estimate (Equipment Estimate)
As design decisions are made and further job scope information developed. It is based on "in-house" and/or quoted costs of defined equipment. This will serve as the "Control Definitive Estimate". (FLUOR)
Factors
.
Factory Cost
See MANUFACTURING COST. (ACE)
Factory Expenses
Indirect workshop (or overhead) costs which occur in manufacturing processes. (ACE)
Factory Services
The facilities provided at a manufacturing plant for safety, welfare, security and life protection to comply with current standards of employment. (ACE)
FAS
Free alongside ship - cost of goods plus all charges until placed alongside a vessel at a named port. (ACE)
Fast
The charge for the use of the contractor's organisation for the period and to the extent specified in the contract. (FLUOR)
Feasibility Study
Investigation into either the technical or commercial viability of a proposed investment or research project. (ACE)
or
Investigation of all phases of an investment or research proposal to justify dropping it or continuing the expenses through the next stage. (ACE)
Fee
Is defined as a charge by Engineering Management Services, Ltd., either a fixed amount or a percentage of costs including the salaries and reimbursable of Engineering Management Services, Ltd., personnel, which is paid by the client for the successful completion of the project. ~ EMS)
or
The charge for the use of the contractor's organisation for the period and to the extent specified in the contract. (FLUOR)
Feed-back
Term commonly used to describe the collection, analysis and documentation of actual project performance data, as required for future estimating purposes. (ACE)
Field
Any on-shore construction site. (ACE)
Field Administration and Supervision
Term normally used to describe field administrative and supervisory staff excluding labour foremen. (ACE)
Field Budget
Authorised target for field construction achievement, expressed in terms of designed quantities, budget man-hours and budget costs. (ACE)
Field Change
Field-authorised change to as-designed construction or erection drawing or specification. (ACE)
Field Controllable Costs
Field-incurred costs, control over which is possible only at site. (ACE)
Field Cost
Any cost committed or incurred in the field. (ACE)
or
All those costs expended in the field involved in producing a finished project. Field cost includes but is not limited to All material costs, all labour costs, the cost of all distributable items, the cost of field administration, tools, consumable, etc. (FLUOR)
Field Cost Engineer
The COST ENGINEER who is assigned to the jobsite for the purpose of monitoring job costs and assisting the construction management team to meet cost objectives.
(FLUOR)
Field Costs
Project expenditure, including direct and indirect materials, labour and overheads, but normally excluding head office engineering costs and fees. (ACE)
Field Expense
During the construction of a plant or process unit, any indirect costs incurred by the contractor building the plant. (ACE)
Field Indirect
See CONSTRUCTION INDIRECT. (ACE)
Field Instruction
See SITE INSTRUCTION. (ACE)
Field Labour Allowance
Is defined as a sum of money added to a material or equipment estimate, usually as a percentage, to cover the cost of associated field labour to install the material (EMS)
Field Labour Report
Derived from the field labour time cards and expense reports and compares expenditures against the budget. Labour efficiency is monitored by comparing work completed to actual dollars spent. (FLUOR)
Field Move-In
Refers to the arrival on the jobsite of the initial contingent of contractor's construction personnel, tools and temporary facilities. (FLUOR)
Field Office Cost
See CONSTRUCTION MANAGEMENT (EMS)
Field Prorates
Term occasionally used in respect of field indirect costs to indicate prorated distribution over direct construction cost accounts. (ACE)
Field Purchase Order
Purchase Order raised and authorised at site. (ACE)
Field Purchased Material
Permanent material procured from site against a FIELD PURCHASE ORDER. (ACE)
Field Scheduling Engineer
The SCHEDULING ENGINEER who is assigned to the jobsite for the purpose of monitoring job progress and assisting the construction management team in the implementation of the construction schedule. (FLUOR)
Field Wastage Factors
See WASTAGE FACTORS. (ACE)
Final Account
Final agreed settlement of payment under contract. (ACE)
Final Cost
Final recorded cost as shown in the accounting books. (ACE)
Final Estimate
See CLASS I ESTIMATE. (ACE)
or
A detailed forecast of a project cost, of sufficient accuracy to enable a contract to be prepared, or suitable upon which cost control could be based. (ACE)
Final Measure
Final reconciliation of unit rate construction or fabrication work, as measured from final as-built drawings. (ACE)
Financial Model
Plan of proposed or anticipated income and expenditure for defined project phased over scheduled time periods. (ACE)
Financing
See CAPITAL, SOURCES OF. (ACE)
Finished Parts
Manufactured components ready for assembly or erection. (ACE)
Firm Price
Price fixed in all respects except escalation, for which additional payment is made in accordance with a stated formula and base date. (ACE)
Firm Price Estimate
A forecast of fixed investment such as would be made by a lump sum contractor for bid from final drawings, specifications and site surveys. This forecast would be subject to fluctuation clause from the base date, but could form a basis for the supplier to submit his firm price tender. (ACE)
Firm Price Tender
A document submitted by a supplier to a purchaser which is based on a FIRM PRICE ESTIMATE. (ACE)
First-In; First-Out (FIFO)
An ordered queue. A discipline wherein the first transaction to enter a queue is also the first to leave it. Contrast with LAST-IN, FIRST-OUT. (FLUOR) See also FIFO
Fixed Assets
Buildings, plant, machinery and other tangible facilities. (ACE)
Fixed Assets Register
Formal list of fixed asset values in respect of a completed project, whereby total project costs are distributed over defined individual facilities. (ACE)
Fixed Budget
A planned forecast which is designed to remain unchanged irrespective of the level of activity actually attained. (ACE)
Fixed Capital
Capital value of fixed assets, land and other permanent fixtures not readily convertible into cash. (ACE)
or
That total part of a trading organisation's assets, consisting of plant, land and buildings, which are permanent fixtures and are not readily convertible into cash. The expenditure on these assets is normally quoted at original installed value, including spares for the first year, less periodic depreciation and any complete replacement or addition to existing plant can be added to fixed capital value. These fixed assets are normally defined as all installed facilities, which can be used directly for the purpose of manufacturing, production or service and cannot be used as a current expense for tax purposes, excepting that part which is subject to depreciation. (ACE)
Fixed Costs
An expense which tends to be unaffected by variations in volume of output. These expenses are those, which continue to occur to a manufacturing plant, process, plant or service centre, whether it is in operation or not. They include such costs as non-productive labour, maintenance, technical service and laboratory expense, taxes and insurance, plant depreciation and overhead and administrative, selling and research expense. (ACE)
or
Those cost independent of short-term variations in output of the system under consideration. Includes such costs as labour. maintenance, technical service and laboratory. expense, taxes and insurance, plant over-cash flow calculation, depreciation is excluded (except in income tax calculations). (FLUOR)
Fixed Fee
Fee for services not subject to adjustment for escalation or other reasons. (ACE)
Fixed Lump Sum Price
Single price for specified scope of work not subject to adjustment for escalation or other reasons. (ACE)
Fixed Overheads
Indirect expenses which do not vary with production. (ACE)
Fixed Price
Price for specified goods or services, which remains unalterable for specified duration. (ACE)
or
Also known as lump sum or firm price, is defined as a contract where Engineering Management Services Ltd., agree to perform a defined scope of work for a client at a fixed sum of money, which shall include for the salaries, reimbursable and fee normally charged. This fixed sum is subject to adjustments for escalation and any changes in the defined scope of the work requested and authorised by the client. (EMS)
Fixed Price Estimate
A quotation not subject to escalation and qualified with a time period during which the selling value will remain unchanged. If an order is placed after this period has expired the tendered has the option to reject the order and retender. This quotation may form a basis for a FIXED PRICE TENDER. (ACE)
Fixed Unit Price
Unit price for specified goods or services, which remains unalterable for specified duration. (ACE.)
Flexible Budget
A forecast, which is designed to change in accordance with the level of activity, actually attained. (ICWA)
Float (F)
The algebraic difference between the LATEST FINISH (LF) and the EARLIEST FINISH (EF) of an activity, i.e., F = LF - EF. Same as ACTIVITY SLACK. (FLUOR)
Floater
Allocation of cash, goods or stock for current use, maintained at a predetermined level. (ACE)
or
An allocation of cash, goods for current use, maintained at a predetermined level. (ACE)
Flow Chart
In simulation:
1. A pictorial description of a model showing the interrelationships of elements in simulation.
2. The succession of states in simulation. (FLUOR)
Flow Diagram
A graphic representation of a procedure or system which utilised symbols, labels and arrows to depict the details and sequence of the operation. (FLOUR)
Fluctuation Clause
Condition inserted into the terms of a Tender or contract stating the method of dealing with price variation during the contract period. (ACE)
Follow-up
Term used in cost control to denote confirmation of the effectiveness or otherwise of corrective action implemented by management in order to eliminate or minimise a previously anticipated cost or schedule over-run. (ACE)
Force Majeure
A clause in construction contracts which frees the contractor from any obligations imposed on him because of strikes, floods, catastrophes, national emergencies, etc. (FLUOR)
Foree-Majeure
Contractual escape clause freeing contractor from specific obligations imposed as a result of strike, flood, war, etc. (ACE)
Forecast
Estimate or prediction, usually expressed in respect of final quantities, man-hours, costs or completion dates. (ACE)
or
Is defined as a prediction into the future of the value of a quantity or cost. It is essentially the same as an ESTIMATE. (EMS)
Forecast Cost To Complete
See ESTIMATE TO COMPLETE. (ACE)
Forecast Final Cost
Anticipated final cost at completion. (ACE.)
Forecast Final Man-hours
Anticipated final man-hours at completion. (ACE)
Forecast Final Cost Variance
.
Forecast Final Quantities
Anticipated final quantities at completion. (ACE)
Forecast To Go
.
Form of Contract
Document of agreement between two parties, legally binding and enforceable in law. (ACE)
Formal System
1. A set of assertions in a formal language that is rich enough to include assertions about the properties of the whole aggregate.
2. A set of entities, operations, properties and relations:
3. A set of rules for combining these;
4. A set of rules that provide estimates of what combinations are assertions;
5. A set of rules that provide estimates of what assertions are valid;
6. A set of rules that provide estimates of what can be inferred from an assertion;
7. A set of rules that provide measures of the costs and accuracy of the estimates;
8. A set of rules that generate assertions about the systems;
9. And a set of rules that provide estimates of the validity of these entire-system assertions as well as the cost and accuracy of the estimates. (FLUOR)
Forward Escalation
Anticipated future increase in cost due to escalation. (ACE)
Forward Load
Anticipated future manpower requirement. (ACE)
Forward Pass
Calculations from starting events to ending events from network start date to determine EO for events and ES and EF for activities. Contrast with BACKWARD PASS. (FLUOR)
Fragnet
Same as SUBNET. (FLUOR)
Franco
A French abbreviation of the delivery terms equal to F.O.R. (ACE)
Free Float, Free Slack
The amount of time an activity can be delayed, without affecting the start of any following activities. It is defined as the expected date of the successor event minus the expected finish of the activity. (FLUOR)
Free Issue Material
Fabrication or construction material supplied or made available by customer or client at no cost to fabricator or contractor. (ACE)
Free On Board
Free on board - cost of goods plus all charges until placed on board a vessel at a named port. (ACE) See also FOB
Free On Rail
Free on rail - cost of goods plus all charges until placed on railway trucks at a named station. (ACE) See also For
Freight
The charge for the transportation of goods from a supplier to a purchaser, which can be paid by either party, according to agreement. (ACE)
Freight Rates
The charges made by a transporting contractor or shipper for conveying goods from one destination to another, based on tonnage. (ACE)
Fringe Benefits
The employee welfare services; expenses of employment not paid directly to the employee, such as holidays, sick leave, etc. (ACE)
or
The employee welfare benefits; expenses of employment over and above compensation for actual time worked, such as holidays, sick leave, etc. (FLUOR)
Front End
Term commonly used to describe the initial design or definition phase of a project. (ACE)
Front End Schedule
It is a portion of a PROJECT LEVEL SCHEDULE. It is a BAR CHART SCHEDULE (either manually prepared or computer prepared) that is used to provide a PROJECT WORK SCHEDULE and a STATUS REPORTING SYSTEM. (FLUOR)
Function
A special purpose or characteristic action. (FLUOR)
Function Generator
A software subprogram called within a simulation run to calculate a pre-defined logical or mathematical function necessary to subsequent processing.
A hardware device whose major or sole purpose is to calculate a function as defined above. (FLUOR)
Functional Budget
A forecast which relates to any of the operational activities of an undertaking. (ACE)
Funded Maintenance
Periodic expenditure allocated in advance for renewals of large or important units of plant, which have an estimated working life significantly less than that of a complete plant so that replacement is necessary at periodic intervals during the life of the plant. (ACE)
Funding Estimate
Any estimate prepared for the purpose of securing funding approvals. (ACE)
The supply of goods, delivered free alongside ship by the seller. The buyer accepts all charges from the time that the goods are delivered alongside the vessel at the port of shipment. (ACE)
F.I.F.O.
An abbreviation meaning FIRST IN, FIRST OUT PRICE. A term used in declaring the value of stock which varies in cost during a trading period. (ACE)
F.O.B.
The supply of goods in conformity with a contract. where the seller is responsible to pack and deliver the goods FREE ON BOARD a ship at a port, specified by the buyer; after loading on board the seller will supply bills of loading of the said goods, which then stand at the buyer's risk. The stowage charges are vested in the buyer. (ACE)
F.O.R.
The supply of goods in conformity with a contract, where the seller is responsible for placing the goods FREE ON RAIL, including loading the goods into a railway wagon, at a specified station. (ACE)
Fabrication
The assembly, usually from detailed plans, of previously designed portions of a plant or process unit. (ACE)
Fact
Fluor Analytical Costing Technique. (FLUOR)
Factored Estimate
1. Preliminary estimate prepared by factoring known costs from a previous similar project.
2. Preliminary or budget estimate prepared by factoring the costs of major items in order to establish the cost of minor or bulk components. (ACE)
or
A forecast of project cost made by applying multiplying factors to the major items in order to evaluate the minor components. A capital cost forecast of a project when information is limited to a pictorial flow sheet and a geographical location compiled by the use of percentages for various ancillaries, such as electrical work, instruments, pipework, etc., applied to a basic figure comprising the total forecasted cost of a fundamental process equipment. (ACE)
or
Is defined as an estimate which has been built up either from costs of similar projects previously constructed, or else from the cost of major plant machinery and equipment from which all other costs are then factored. This is also known as an ORDER OF MAGNITUDE ESTIMATE. (EMS)
Factored Estimate (Equipment Estimate)
As design decisions are made and further job scope information developed. It is based on "in-house" and/or quoted costs of defined equipment. This will serve as the "Control Definitive Estimate". (FLUOR)
Factors
.
Factory Cost
See MANUFACTURING COST. (ACE)
Factory Expenses
Indirect workshop (or overhead) costs which occur in manufacturing processes. (ACE)
Factory Services
The facilities provided at a manufacturing plant for safety, welfare, security and life protection to comply with current standards of employment. (ACE)
FAS
Free alongside ship - cost of goods plus all charges until placed alongside a vessel at a named port. (ACE)
Fast
The charge for the use of the contractor's organisation for the period and to the extent specified in the contract. (FLUOR)
Feasibility Study
Investigation into either the technical or commercial viability of a proposed investment or research project. (ACE)
or
Investigation of all phases of an investment or research proposal to justify dropping it or continuing the expenses through the next stage. (ACE)
Fee
Is defined as a charge by Engineering Management Services, Ltd., either a fixed amount or a percentage of costs including the salaries and reimbursable of Engineering Management Services, Ltd., personnel, which is paid by the client for the successful completion of the project. ~ EMS)
or
The charge for the use of the contractor's organisation for the period and to the extent specified in the contract. (FLUOR)
Feed-back
Term commonly used to describe the collection, analysis and documentation of actual project performance data, as required for future estimating purposes. (ACE)
Field
Any on-shore construction site. (ACE)
Field Administration and Supervision
Term normally used to describe field administrative and supervisory staff excluding labour foremen. (ACE)
Field Budget
Authorised target for field construction achievement, expressed in terms of designed quantities, budget man-hours and budget costs. (ACE)
Field Change
Field-authorised change to as-designed construction or erection drawing or specification. (ACE)
Field Controllable Costs
Field-incurred costs, control over which is possible only at site. (ACE)
Field Cost
Any cost committed or incurred in the field. (ACE)
or
All those costs expended in the field involved in producing a finished project. Field cost includes but is not limited to All material costs, all labour costs, the cost of all distributable items, the cost of field administration, tools, consumable, etc. (FLUOR)
Field Cost Engineer
The COST ENGINEER who is assigned to the jobsite for the purpose of monitoring job costs and assisting the construction management team to meet cost objectives.
(FLUOR)
Field Costs
Project expenditure, including direct and indirect materials, labour and overheads, but normally excluding head office engineering costs and fees. (ACE)
Field Expense
During the construction of a plant or process unit, any indirect costs incurred by the contractor building the plant. (ACE)
Field Indirect
See CONSTRUCTION INDIRECT. (ACE)
Field Instruction
See SITE INSTRUCTION. (ACE)
Field Labour Allowance
Is defined as a sum of money added to a material or equipment estimate, usually as a percentage, to cover the cost of associated field labour to install the material (EMS)
Field Labour Report
Derived from the field labour time cards and expense reports and compares expenditures against the budget. Labour efficiency is monitored by comparing work completed to actual dollars spent. (FLUOR)
Field Move-In
Refers to the arrival on the jobsite of the initial contingent of contractor's construction personnel, tools and temporary facilities. (FLUOR)
Field Office Cost
See CONSTRUCTION MANAGEMENT (EMS)
Field Prorates
Term occasionally used in respect of field indirect costs to indicate prorated distribution over direct construction cost accounts. (ACE)
Field Purchase Order
Purchase Order raised and authorised at site. (ACE)
Field Purchased Material
Permanent material procured from site against a FIELD PURCHASE ORDER. (ACE)
Field Scheduling Engineer
The SCHEDULING ENGINEER who is assigned to the jobsite for the purpose of monitoring job progress and assisting the construction management team in the implementation of the construction schedule. (FLUOR)
Field Wastage Factors
See WASTAGE FACTORS. (ACE)
Final Account
Final agreed settlement of payment under contract. (ACE)
Final Cost
Final recorded cost as shown in the accounting books. (ACE)
Final Estimate
See CLASS I ESTIMATE. (ACE)
or
A detailed forecast of a project cost, of sufficient accuracy to enable a contract to be prepared, or suitable upon which cost control could be based. (ACE)
Final Measure
Final reconciliation of unit rate construction or fabrication work, as measured from final as-built drawings. (ACE)
Financial Model
Plan of proposed or anticipated income and expenditure for defined project phased over scheduled time periods. (ACE)
Financing
See CAPITAL, SOURCES OF. (ACE)
Finished Parts
Manufactured components ready for assembly or erection. (ACE)
Firm Price
Price fixed in all respects except escalation, for which additional payment is made in accordance with a stated formula and base date. (ACE)
Firm Price Estimate
A forecast of fixed investment such as would be made by a lump sum contractor for bid from final drawings, specifications and site surveys. This forecast would be subject to fluctuation clause from the base date, but could form a basis for the supplier to submit his firm price tender. (ACE)
Firm Price Tender
A document submitted by a supplier to a purchaser which is based on a FIRM PRICE ESTIMATE. (ACE)
First-In; First-Out (FIFO)
An ordered queue. A discipline wherein the first transaction to enter a queue is also the first to leave it. Contrast with LAST-IN, FIRST-OUT. (FLUOR) See also FIFO
Fixed Assets
Buildings, plant, machinery and other tangible facilities. (ACE)
Fixed Assets Register
Formal list of fixed asset values in respect of a completed project, whereby total project costs are distributed over defined individual facilities. (ACE)
Fixed Budget
A planned forecast which is designed to remain unchanged irrespective of the level of activity actually attained. (ACE)
Fixed Capital
Capital value of fixed assets, land and other permanent fixtures not readily convertible into cash. (ACE)
or
That total part of a trading organisation's assets, consisting of plant, land and buildings, which are permanent fixtures and are not readily convertible into cash. The expenditure on these assets is normally quoted at original installed value, including spares for the first year, less periodic depreciation and any complete replacement or addition to existing plant can be added to fixed capital value. These fixed assets are normally defined as all installed facilities, which can be used directly for the purpose of manufacturing, production or service and cannot be used as a current expense for tax purposes, excepting that part which is subject to depreciation. (ACE)
Fixed Costs
An expense which tends to be unaffected by variations in volume of output. These expenses are those, which continue to occur to a manufacturing plant, process, plant or service centre, whether it is in operation or not. They include such costs as non-productive labour, maintenance, technical service and laboratory expense, taxes and insurance, plant depreciation and overhead and administrative, selling and research expense. (ACE)
or
Those cost independent of short-term variations in output of the system under consideration. Includes such costs as labour. maintenance, technical service and laboratory. expense, taxes and insurance, plant over-cash flow calculation, depreciation is excluded (except in income tax calculations). (FLUOR)
Fixed Fee
Fee for services not subject to adjustment for escalation or other reasons. (ACE)
Fixed Lump Sum Price
Single price for specified scope of work not subject to adjustment for escalation or other reasons. (ACE)
Fixed Overheads
Indirect expenses which do not vary with production. (ACE)
Fixed Price
Price for specified goods or services, which remains unalterable for specified duration. (ACE)
or
Also known as lump sum or firm price, is defined as a contract where Engineering Management Services Ltd., agree to perform a defined scope of work for a client at a fixed sum of money, which shall include for the salaries, reimbursable and fee normally charged. This fixed sum is subject to adjustments for escalation and any changes in the defined scope of the work requested and authorised by the client. (EMS)
Fixed Price Estimate
A quotation not subject to escalation and qualified with a time period during which the selling value will remain unchanged. If an order is placed after this period has expired the tendered has the option to reject the order and retender. This quotation may form a basis for a FIXED PRICE TENDER. (ACE)
Fixed Unit Price
Unit price for specified goods or services, which remains unalterable for specified duration. (ACE.)
Flexible Budget
A forecast, which is designed to change in accordance with the level of activity, actually attained. (ICWA)
Float (F)
The algebraic difference between the LATEST FINISH (LF) and the EARLIEST FINISH (EF) of an activity, i.e., F = LF - EF. Same as ACTIVITY SLACK. (FLUOR)
Floater
Allocation of cash, goods or stock for current use, maintained at a predetermined level. (ACE)
or
An allocation of cash, goods for current use, maintained at a predetermined level. (ACE)
Flow Chart
In simulation:
1. A pictorial description of a model showing the interrelationships of elements in simulation.
2. The succession of states in simulation. (FLUOR)
Flow Diagram
A graphic representation of a procedure or system which utilised symbols, labels and arrows to depict the details and sequence of the operation. (FLOUR)
Fluctuation Clause
Condition inserted into the terms of a Tender or contract stating the method of dealing with price variation during the contract period. (ACE)
Follow-up
Term used in cost control to denote confirmation of the effectiveness or otherwise of corrective action implemented by management in order to eliminate or minimise a previously anticipated cost or schedule over-run. (ACE)
Force Majeure
A clause in construction contracts which frees the contractor from any obligations imposed on him because of strikes, floods, catastrophes, national emergencies, etc. (FLUOR)
Foree-Majeure
Contractual escape clause freeing contractor from specific obligations imposed as a result of strike, flood, war, etc. (ACE)
Forecast
Estimate or prediction, usually expressed in respect of final quantities, man-hours, costs or completion dates. (ACE)
or
Is defined as a prediction into the future of the value of a quantity or cost. It is essentially the same as an ESTIMATE. (EMS)
Forecast Cost To Complete
See ESTIMATE TO COMPLETE. (ACE)
Forecast Final Cost
Anticipated final cost at completion. (ACE.)
Forecast Final Man-hours
Anticipated final man-hours at completion. (ACE)
Forecast Final Cost Variance
.
Forecast Final Quantities
Anticipated final quantities at completion. (ACE)
Forecast To Go
.
Form of Contract
Document of agreement between two parties, legally binding and enforceable in law. (ACE)
Formal System
1. A set of assertions in a formal language that is rich enough to include assertions about the properties of the whole aggregate.
2. A set of entities, operations, properties and relations:
3. A set of rules for combining these;
4. A set of rules that provide estimates of what combinations are assertions;
5. A set of rules that provide estimates of what assertions are valid;
6. A set of rules that provide estimates of what can be inferred from an assertion;
7. A set of rules that provide measures of the costs and accuracy of the estimates;
8. A set of rules that generate assertions about the systems;
9. And a set of rules that provide estimates of the validity of these entire-system assertions as well as the cost and accuracy of the estimates. (FLUOR)
Forward Escalation
Anticipated future increase in cost due to escalation. (ACE)
Forward Load
Anticipated future manpower requirement. (ACE)
Forward Pass
Calculations from starting events to ending events from network start date to determine EO for events and ES and EF for activities. Contrast with BACKWARD PASS. (FLUOR)
Fragnet
Same as SUBNET. (FLUOR)
Franco
A French abbreviation of the delivery terms equal to F.O.R. (ACE)
Free Float, Free Slack
The amount of time an activity can be delayed, without affecting the start of any following activities. It is defined as the expected date of the successor event minus the expected finish of the activity. (FLUOR)
Free Issue Material
Fabrication or construction material supplied or made available by customer or client at no cost to fabricator or contractor. (ACE)
Free On Board
Free on board - cost of goods plus all charges until placed on board a vessel at a named port. (ACE) See also FOB
Free On Rail
Free on rail - cost of goods plus all charges until placed on railway trucks at a named station. (ACE) See also For
Freight
The charge for the transportation of goods from a supplier to a purchaser, which can be paid by either party, according to agreement. (ACE)
Freight Rates
The charges made by a transporting contractor or shipper for conveying goods from one destination to another, based on tonnage. (ACE)
Fringe Benefits
The employee welfare services; expenses of employment not paid directly to the employee, such as holidays, sick leave, etc. (ACE)
or
The employee welfare benefits; expenses of employment over and above compensation for actual time worked, such as holidays, sick leave, etc. (FLUOR)
Front End
Term commonly used to describe the initial design or definition phase of a project. (ACE)
Front End Schedule
It is a portion of a PROJECT LEVEL SCHEDULE. It is a BAR CHART SCHEDULE (either manually prepared or computer prepared) that is used to provide a PROJECT WORK SCHEDULE and a STATUS REPORTING SYSTEM. (FLUOR)
Function
A special purpose or characteristic action. (FLUOR)
Function Generator
A software subprogram called within a simulation run to calculate a pre-defined logical or mathematical function necessary to subsequent processing.
A hardware device whose major or sole purpose is to calculate a function as defined above. (FLUOR)
Functional Budget
A forecast which relates to any of the operational activities of an undertaking. (ACE)
Funded Maintenance
Periodic expenditure allocated in advance for renewals of large or important units of plant, which have an estimated working life significantly less than that of a complete plant so that replacement is necessary at periodic intervals during the life of the plant. (ACE)
Funding Estimate
Any estimate prepared for the purpose of securing funding approvals. (ACE)
