Terminology - T

Tangibles

Physical 'tangible' commodities, as opposed to 'intangible' labour. services, etc. (ACE)

Task

A task or a series of tasks comprise an activity. Generally, a task denotes a change of responsibility. Example the activity is to prepare and issue a drawing; the tasks comprising this activity could be: prepare drawing, check drawing, correct drawing and then issue drawing. (FLUOR)

Task Force

Common expression for multi-discipline project group or team. (ACE)
or
A team of specialists in all of the engineering disciplines organised under the Project direction to work in close proximity on the assigned project. (FLUOR)

Taxes

A system of governmental inland revenue charges made in accordance with current statutory regulations, assessed upon profit and capital gains. (ACE)

Taxes Payable

Tax accruals due within a year. (ACE)
or
Tax accruals due within a year. (FLUOR)

Temporary Construction

Construction activity relative to the erection or installation of temporary facilities. (ACE)
or
Site preparation for and erection of offices, storage facilities, canteens and toilets, provision for temporary approach roads, railways and vehicle standage. Provision of services e.g. electricity, water, compressed air, steam, etc., for a limited period of time and not on a permanent basis. (ACE)

Temporary Facilities

Term commonly used to describe buildings, plant, services or other facilities temporarily erected, installed or provided at a construction site. (ACE)
or
This term is used as an alternative to TEMPORARY CONSTRUCTION. (ACE)

Temporary Materials

Materials purchased in respect of installed temporary facilities. (ACE)

Tender

Written formal offer stating price, completion time and terms, submitted for the purpose of entering into a contract. (ACE)
or
A document prepared by a supplier for submission to a purchaser, containing specification of goods and services, together with price, completion time and terms, with which the supplier would be prepared to enter into a definite contract. (ACE)

Tender Estimate

Any estimate prepared for TENDER purposes. (ACE)

Terminal Cash Flow

Rate of revenue or income at end of economic life. (ACE)

Terminal Points

Battery limits or extent of contract limits. (ACE)

Termination

Contractual cancellation of issued purchase order or contract prior to completion. (ACE)

Theoretical Cost

Evaluation of a project or process based on a scientifically formulated practice. (ACE)

Thumb Suck Estimate

See ORDER OF MAGNITUDE

Time and Cost Rate

Charges for supplying material, labour and service plus a normal profit margin based on actual results, which the purchaser accepts, without first asking the supplier for an estimate. (ACE)

Time Efficiency

The ratio of total time or days which a facility is on stream to time or days used as a design basis. (ACE)
or
The fraction of total time during which a facility is in productive operation. (FLUOR)

Time Now

Planning term denoting report cut-off date. (ACE)

Time Phased

A network plan plotted against a calendar scale. (FLUOR)

Time Phasing

Term used to describe the distribution of planned or actual man-hours across time. (ACE)

Time Unit

The basic unit of activity duration and can be chosen by the user. It is normally a day, a five-day week, or a seven-day week. It can be split into smaller or larger units. (FLUOR)

Time Variance

.

Title Limited Scheduling

The scheduling of activities such that the specified project duration is not exceeded. (FLUOR)

Tooling Cost

The expense involved in making and supplying machines, jigs, templates and patterns for manufacturing a new product. (ACE)

Total Anticipated Cost

See FORECAST FINAL COST (ACE)

Total Cost

The sum of all the expenditure incurred. (ACE)

Total Cost Variance

The difference between the total standard expenditure and the total actual expenditure. (ACE)

Total Expected Cost

See FORECAST FINAL COST. (ACE)

Total Field Cost

Is defined as the final cost of the project, including the Project Management, Engineering Management and Construction Costs. This is the sum of the DIRECT and INDIRECT FIELD COSTS. (EMS)

Total Fixed Capital

The sum of all direct and indirect costs incurred in planning and building a plant on a given site plus additional costs arising from unforeseen contingencies occurring during the construction period. It is usually expressed as the sum of two sub-totals, viz., Battery Limits Plant Cost + Off-Site Plant Cost. (ACE)

Total Float

Total float is the amount of time an activity or string of activities in a path can be delayed without affecting project completion. (FLUOR)

Total Forecast Cost

See FORECAST FINAL COST. (ACE)

Total Installed Value

See PROJECT COST.(ACE)

Total Predicted Cost

See FORECAST FINAL COST. (ACE)

Trend

Perceived sequence of either adverse or favourable deviations from an established base. (ACE)

Trend Analysis

Systematic analysis of perceived trends. (ACE)

Trend Forecast

Projected forecast derived from perceived and analysed trends. (ACE)

Trend Report

Formal report defining impact of perceived and analysed trends. (ACE)

Trending

Term used to describe the process of detecting and evaluating trends through continuous monitoring of project development and execution. (ACE)

Turn-Key Contract

Contract for design, supply, construction and commissioning of a plant or facility. (ACE)
or
An agreement between a supplier and a purchaser for the execution of work or service, normally to specified quantity, quality and performance; based often on a singular total price. (ACE)
or
An agreement whereby one firm will perform and be responsible for the architecture, design, engineering, and construction of a grass roots plant. (FLUOR)

Turnover

The percentage relationship between sales value and invested capital per annum. (ACE)

Turnover Ratio

The relationship of annual sales to investment. Inclusion of working capital is preferable, but not always standard practice. Considered by some to be a reasonable basis for a guesstimate of facilities cost, for new products similar to existing products. Ranges around 1.0 for many chemical plants. The product or turnover ratio and profit margin on sales gives a return on investment measure. (ACE)
or
The ratio of annual sales to investment. Inclusion of working capital is preferable, but not always done. Considered by some to be a reasonable basis for a guesstimate of facilities cost, for new products similar to existing products. Ranges around 1.0 for many chemical plants. The product or turnover ratio and profit margin on sales gives a return on investment measure. (FLUOR)