Terminology - U
Unallocable Costs
Costs, which cannot be allocated to a direct account or productive, cost code. (ACE)
Unallocable Man-hours
Man-hours, which cannot be allocated to a direct account or productive, cost code. (ACE)
Unallocated Items
Minor items, which are expected to be required but which, on account of the state of design, cannot be specified or priced in detail. (ACE)
Uncertainty
Unknown events which cannot be predicted quantitatively within useful limits; e.g., accidents which destroy invested facilities, major strikes, competitors' innovations which make new products obsolete, etc. (ACE)
or
Unknown future events which cannot be predicted quantitatively within useful limits; e.g., accidents which destroy invested facilities, a major strike, a competitors innovation which makes the new product obsolete, etc. (FLUOR)
Uncontrollable Cost
An expense which is not influenced by the action of a given member of an undertaking. (ACE)
Under-recovery
Failure of earned revenue to achieve full recovery of chargeable expenditure, or in other words, a NET loss on contract. (ACE)
Under-run (UR)
Favourable variance from authorised amount. (ACE)
or
An accounting condition such that the VALUE OF WORK PERFORMED exceeds the ACTUAL COST. See PROJECTED UNDERRUN. Contrast with OVERRUN. (FLUOR)
Uniform Costing
The use by several undertakings of the same principles and practices for ascertaining and recording expenditure. (ICWA)
Unit
A piece or pieces of equipment and associated hardware that perform a specific function. (FLUOR)
Unit Cost
Cost per stated item or unit of measurement. (ACE)
or
1. The average value which is obtained by dividing total value of identical units, by the number of units. It can refer to a separate component. a group, a job. material, time. work or service
2. A measured quantity of a product, service or time in relation to which expenses may be ascertained or expressed. (ACE)
or
Fixed investment : the cost of any class of work expressed in some convenient unit; e.g., $60 per cubic yard for installing in-place block concrete. (FLUOR)
Unit of Output
A measured performance in terms of product quantity and quality or product expense. (ACE)
Unit Rate
Any rate expressed against a unit of measurement. (ACE)
Units- Total Required
(Piping Progress Reports) This is the total units of work determined from the best available information. (FLUOR)
Useful Service Life
The period during which a facility performs satisfactorily and economically its intended purpose. (ACE)
User Requirements
The areas of accommodation, the activities for which a facility or equipment is required and the quality standards it should achieve, as specified by the purchaser. (ACE)
Utilities
The permanent equipment for electricity, steam water, effluent treatment, etc., installed in a building or works as distinct from the main process plant. (ACE)
or
See AUXILIARY FACILITIES. (FLUOR)
Utilities Area
A geographical location within defined demarcation lines occupied by auxiliary non-productive plant for the provision of services such as electricity and water, which are used indirectly to assist the main productive or process plant. (ACE)
