Terminology - G

General Expenses

Indirect trading costs which are normally absorbed into administration overheads. (ACE)

General Reserves

Provisions made within a cost estimate for undefined possible occurrences. (ACE)

Geographical Area

Physical area within a plant, facility or construction site. (ACE)

Global Constants

Constant values common to a series of related simulation exercises. (FLUOR)

Goodwill

The value of the prestige and reputation of a business undertaking and its ability to attract new customers, due to past achievements. (ACE)

GPSS (General Purpose Simulation System)

A generic class of discrete, transaction-oriented simulation languages. (FLUOR)

Graphical Method

Results of past experience plotted in chart form, as a means of illustrating the relationship between cost and quantity. (ACE)

Grass-Roots Plant

A complete installation, including site preparation, and auxiliary facilities erected onto a virgin site. (ACE)
or
A complete plant erected on a virgin site. Investment includes all costs of land, site preparation, battery-limits facilities, and auxiliary facilities. (FLUOR)

Green Field Site

Plot of land in its natural state, upon which it is proposed to locate a new plant or facility. (ACE)
or
A plot of land in its natural state upon which it is proposed to locate a new plant or facility. (ACE)

Gross Margin

Operating profit or loss before overhead recovery charges. (ACE)

Gross Profit

Operating profit before overhead recovery charges. (ACE)

Growth

Term used to describe an increase in work scope due to design change, resulting in an increase in cost of project. (ACE)

Guaranteed Maximum

Contractual condition whereby reimbursement is subject to a maximum payment for which completion of the work is guaranteed. (ACE)

Guaranteed-Maximum Contract
A contract in which the contractor agrees to furnish material, construction equipment, and labour to erect a facility at cost plus a fixed fee, guaranteeing, however, that the total cost to the owner will not exceed a stipulated maximum. (FLUOR)

Guesstimate

See ORDER OF MAGNITUDE ESTIMATE. (ACE)
or
A quick, order-of-magnitude estimate used in deciding whether or not to spend further time on analysis of a new idea. (ACE)

Gulf Coast

South East USA, around Gulf of Mexico (ACE)

Gulf Coast Man-hours
Construction man-hours derived from GULF COAST NORMS. (ACE)

Gulf Coast Norms

Set of standard construction man-hour norms established from statistical data from various projects completed along the US Gulf Coast. (ACE)