Terminology - L
L.I.F.O.
Abbreviation for LAST IN, FIRST OUT, concerning the pricing of stock or material which varies in value during a trading period. (ACE)
L.O.C.O.
A term applied to a contract for delivery of goods to a specified railway terminus. The supplier's liability ceases when delivery to this point is certified. Packing is normally excluded except for normal protective wrapping. (ACE)
or
Supply of goods delivered to a specific railway terminus. (ACE)
Labour
Is defined as all persons working on the site of construction and shall include
1. Construction labour - all artisans, semi-skilled labour and unskilled labour together with the necessary supervision working for subcontractors.
2. Supervision labour - all personnel working for Engineering Management Services, Ltd., including field office personnel, supervision personnel, store keepers, time keepers, guards and any other personnel. (EMS)
Labour Constants
Measurements of time and rate in performing a unit of work or process. (ACE)
Labour Cost, Manual
The salary plus all fringe benefits of construction craftsmen and general labour on construction projects and labour crews in manufacturing or processing areas which can be definitely assigned to one product or process area or cost centre. (FLUOR)
Labour Cost, Non-Manual
Non-manual labour in the field, normally refers to personnel other than craftsmen and includes FIELD ADMINISTRATION and FIELD ENGINEERING. (FLUOR)
Labour Efficiency Variance
The portion of the wages which is due to the difference between the standard labour hours specified and the actual labour hours expended. (ICWA)
Labour Hour Rate
An actual or predetermined cost apportionment or overhead absorption which is calculated by dividing the cost to be apportioned or absorbed, by the labour hours expended or expected to be expended. (ICWA)
Labour Mix
Trade or discipline constituents of labour force. (ACE)
Labour Productivity
See PRODUCTIVITY. (ACE)
Labour Time Record
A document which records the manhours of an employee of an undertaking and the class of work executed and which may record the wages. (ACE)
Labour Variance
The difference between standard costs and actual costs. The sub-division under which these are entered in the PROFIT and LOSS variance accounts. (ACE)
Ladder Activity
A set of overlapping activities in which the start and finish of each successive activity are linked to the start and finish of the preceding activity by lead and lag activities which consume only time. (FLOUR)
Lag Time
.
Land and Site Development
The process of surveying, clearing and levelling of a plot, including the provision of preliminary drainage, access roads and boundary fencing. (ACE)
Lang Factors
Series of factors used to convert the cost of manufactured plant into erected or installed plant cost and, ultimately, completed project cost. (ACE)
or
A series of multiplying numbers evolved by Lang of U.S.A. for converting price of manufactured plant into the cost of erected plant or installed plant, and ultimately, cost of a completed project. (ACE)
Last In, First Out Price (LIFO)
The evaluation of stock or materials at latest market value instead of using an average calculated to cover the variation between values at the first and last days of a trading period. (ACE)
or
An ordered push down stack. A discipline wherein the last transaction to enter a stack is also the first to leave it. Contrast with FIRST-IN, FIRST-OUT. (FLUOR) See also (LIFO)
or
See also LIFO
Latest Allowable Time (TL)
Same as LATEST OCCURENCE. (FLUOR)
Latest Finish (LF)
The latest date or time by which an activity must be completed subject to the constraints of the network subsequent to the activity in question. The value of LATEST FINISH (LF) is calculated by subtracting the sum of EXPECTED activity TIMES (ET) for the activities on the longest path, excluding the given activity, from the project completion date or the largest of the LATEST OCCURRENCE (LO) dates of all the ending events. (FLUOR)
Latest Occurrence (LO)
The latest date or time by which an event must occur subject to the constraints of the network subsequent to the event in question. (FLUOR)
Latest Revised Estimate (LRE)
The sum of the ACTUAL COST (A) and the latest ESTIMATE To COMPLETE (ETC) for a work package or summary item as currently reviewed and/or revised; LRE = A + ETC. Same as ESTIMATE AT COMPLETION. (FLUOR)
Latest Start (LS)
The latest date or time which an activity must start subject to the constraints of the network subsequent to and including the activity in question. The value of (LS) is calculated by subtracting the sum of expected time (ET) for the activities on the longest path, including the given activity, from the project completion date or the largest of the (EO) dates of all the ending events. (FLUOR)
Lead-time
The time existing between the start of a project and the start of an activity between the end of one activity and the beginning of another, or between the end of an activity and the end of the project. Expends time but no resources.
1. The time existing between the placement and delivery of an order. (FLOUR)
Lease vs. Buy
Investment choice between renting or purchasing equivalent facilities on a long-term basis. (ACE)
Level of Confidence
Expressed probability of accuracy in respect of reported cost or schedule forecasts. (ACE)
Level of Schedule
The hierarchy of scheduling assigned to a schedule. It contains the degree of detail required by users. (FLUOR)
Leverage
Trading on the equity of borrowed funds or preferred stock in the intent of employing these "senior" funds at a rate of return higher than their cost in order to increase the return upon the investment of the residual owners. (ACE)
Leverage (Trading on Equity)
The use of borrowed funds or preferred stock in the intent of employing these "senior" funds at a rate of return higher than their cost in order to increase the return upon the investment of the residual owners. (FLUOR)
Load Factor
Actual output from a plant or demand on a facility over a period of time relative to the designed capacity. (ACE)
or
The actual output from a plant or demand on a facility over a period of time relative to the designed capacity. This is also called TIME EFFICIENCY. (ACE)
Loading
Distribution of labour, cost or other resources over bar charts, schedules or networks. (ACE)
Local Labour
The skills, crafts, or occupations hired in the vicinity of a jobsite. (FLUOR)
Local Man-hours
Construction man-hours for a specific geographical location, usually established in relation to a known base by the application of local productivity factors. (ACE)
Location Factor
Factor used to establish costs; man-hours or other performance data from one geographical location to another. (ACE)
Lodging Allowance
Payment to workers sent to a contract site more than an agreed distance from the worker's home. (ACE)
Logic Switch
a type of equipment used as a control element. (FLUOR)
Logical Relationship
.
Long Lead Items
Items of plant or material, usually complex or to very high specification, requiring long delivery periods for purchase. (ACE)
Loop
A path in which a node becomes its own predecessor. (FLUOR)
Lost Time
Work time lost through labour problems, equipment failure, inclement weather or other cause. (ACE)
Lump Sum
Single total price for work or product covered by agreed specifications or drawings. (ACE)
Lump Sum Estimate
See CONTORL ESTIMATE
Lump Sum Contract
1. An agreement where a singular total agreed between a CUSTOMER and a CONTRACTOR for carrying out the work covered by an agreed specification or drawing. Variations to contract must be subject to farther agreement between the parties.
2. Type of agreement in which contractor agrees to furnish a completely erected facility at a single price. Variations of this type may include a TURN-KEY arrangement, including quality, quantity and yield guarantees. (ACE)
or
A contract in which the contractor agrees to furnish a completely erected facility at a fixed-price. Variations may include a "turn-key" arrangement including performance guarantees. (FLUOR)
Abbreviation for LAST IN, FIRST OUT, concerning the pricing of stock or material which varies in value during a trading period. (ACE)
L.O.C.O.
A term applied to a contract for delivery of goods to a specified railway terminus. The supplier's liability ceases when delivery to this point is certified. Packing is normally excluded except for normal protective wrapping. (ACE)
or
Supply of goods delivered to a specific railway terminus. (ACE)
Labour
Is defined as all persons working on the site of construction and shall include
1. Construction labour - all artisans, semi-skilled labour and unskilled labour together with the necessary supervision working for subcontractors.
2. Supervision labour - all personnel working for Engineering Management Services, Ltd., including field office personnel, supervision personnel, store keepers, time keepers, guards and any other personnel. (EMS)
Labour Constants
Measurements of time and rate in performing a unit of work or process. (ACE)
Labour Cost, Manual
The salary plus all fringe benefits of construction craftsmen and general labour on construction projects and labour crews in manufacturing or processing areas which can be definitely assigned to one product or process area or cost centre. (FLUOR)
Labour Cost, Non-Manual
Non-manual labour in the field, normally refers to personnel other than craftsmen and includes FIELD ADMINISTRATION and FIELD ENGINEERING. (FLUOR)
Labour Efficiency Variance
The portion of the wages which is due to the difference between the standard labour hours specified and the actual labour hours expended. (ICWA)
Labour Hour Rate
An actual or predetermined cost apportionment or overhead absorption which is calculated by dividing the cost to be apportioned or absorbed, by the labour hours expended or expected to be expended. (ICWA)
Labour Mix
Trade or discipline constituents of labour force. (ACE)
Labour Productivity
See PRODUCTIVITY. (ACE)
Labour Time Record
A document which records the manhours of an employee of an undertaking and the class of work executed and which may record the wages. (ACE)
Labour Variance
The difference between standard costs and actual costs. The sub-division under which these are entered in the PROFIT and LOSS variance accounts. (ACE)
Ladder Activity
A set of overlapping activities in which the start and finish of each successive activity are linked to the start and finish of the preceding activity by lead and lag activities which consume only time. (FLOUR)
Lag Time
.
Land and Site Development
The process of surveying, clearing and levelling of a plot, including the provision of preliminary drainage, access roads and boundary fencing. (ACE)
Lang Factors
Series of factors used to convert the cost of manufactured plant into erected or installed plant cost and, ultimately, completed project cost. (ACE)
or
A series of multiplying numbers evolved by Lang of U.S.A. for converting price of manufactured plant into the cost of erected plant or installed plant, and ultimately, cost of a completed project. (ACE)
Last In, First Out Price (LIFO)
The evaluation of stock or materials at latest market value instead of using an average calculated to cover the variation between values at the first and last days of a trading period. (ACE)
or
An ordered push down stack. A discipline wherein the last transaction to enter a stack is also the first to leave it. Contrast with FIRST-IN, FIRST-OUT. (FLUOR) See also (LIFO)
or
See also LIFO
Latest Allowable Time (TL)
Same as LATEST OCCURENCE. (FLUOR)
Latest Finish (LF)
The latest date or time by which an activity must be completed subject to the constraints of the network subsequent to the activity in question. The value of LATEST FINISH (LF) is calculated by subtracting the sum of EXPECTED activity TIMES (ET) for the activities on the longest path, excluding the given activity, from the project completion date or the largest of the LATEST OCCURRENCE (LO) dates of all the ending events. (FLUOR)
Latest Occurrence (LO)
The latest date or time by which an event must occur subject to the constraints of the network subsequent to the event in question. (FLUOR)
Latest Revised Estimate (LRE)
The sum of the ACTUAL COST (A) and the latest ESTIMATE To COMPLETE (ETC) for a work package or summary item as currently reviewed and/or revised; LRE = A + ETC. Same as ESTIMATE AT COMPLETION. (FLUOR)
Latest Start (LS)
The latest date or time which an activity must start subject to the constraints of the network subsequent to and including the activity in question. The value of (LS) is calculated by subtracting the sum of expected time (ET) for the activities on the longest path, including the given activity, from the project completion date or the largest of the (EO) dates of all the ending events. (FLUOR)
Lead-time
The time existing between the start of a project and the start of an activity between the end of one activity and the beginning of another, or between the end of an activity and the end of the project. Expends time but no resources.
1. The time existing between the placement and delivery of an order. (FLOUR)
Lease vs. Buy
Investment choice between renting or purchasing equivalent facilities on a long-term basis. (ACE)
Level of Confidence
Expressed probability of accuracy in respect of reported cost or schedule forecasts. (ACE)
Level of Schedule
The hierarchy of scheduling assigned to a schedule. It contains the degree of detail required by users. (FLUOR)
Leverage
Trading on the equity of borrowed funds or preferred stock in the intent of employing these "senior" funds at a rate of return higher than their cost in order to increase the return upon the investment of the residual owners. (ACE)
Leverage (Trading on Equity)
The use of borrowed funds or preferred stock in the intent of employing these "senior" funds at a rate of return higher than their cost in order to increase the return upon the investment of the residual owners. (FLUOR)
Load Factor
Actual output from a plant or demand on a facility over a period of time relative to the designed capacity. (ACE)
or
The actual output from a plant or demand on a facility over a period of time relative to the designed capacity. This is also called TIME EFFICIENCY. (ACE)
Loading
Distribution of labour, cost or other resources over bar charts, schedules or networks. (ACE)
Local Labour
The skills, crafts, or occupations hired in the vicinity of a jobsite. (FLUOR)
Local Man-hours
Construction man-hours for a specific geographical location, usually established in relation to a known base by the application of local productivity factors. (ACE)
Location Factor
Factor used to establish costs; man-hours or other performance data from one geographical location to another. (ACE)
Lodging Allowance
Payment to workers sent to a contract site more than an agreed distance from the worker's home. (ACE)
Logic Switch
a type of equipment used as a control element. (FLUOR)
Logical Relationship
.
Long Lead Items
Items of plant or material, usually complex or to very high specification, requiring long delivery periods for purchase. (ACE)
Loop
A path in which a node becomes its own predecessor. (FLUOR)
Lost Time
Work time lost through labour problems, equipment failure, inclement weather or other cause. (ACE)
Lump Sum
Single total price for work or product covered by agreed specifications or drawings. (ACE)
Lump Sum Estimate
See CONTORL ESTIMATE
Lump Sum Contract
1. An agreement where a singular total agreed between a CUSTOMER and a CONTRACTOR for carrying out the work covered by an agreed specification or drawing. Variations to contract must be subject to farther agreement between the parties.
2. Type of agreement in which contractor agrees to furnish a completely erected facility at a single price. Variations of this type may include a TURN-KEY arrangement, including quality, quantity and yield guarantees. (ACE)
or
A contract in which the contractor agrees to furnish a completely erected facility at a fixed-price. Variations may include a "turn-key" arrangement including performance guarantees. (FLUOR)
