Terminology - W
Wages
The cost of employee earnings, salaries, commissions, bonuses, etc., for services rendered. (ACE)
Wages Analysis
The classification and segregation of employee earnings into categories such as productive, non-productive and construction of capital assets. (ACE)
Wages Percentage Rate
An actual or predetermined rate of cost apportionment or overhead absorption, which is calculated by dividing the cost to be apportioned or absorbed, by the employee earnings expended or expected to be expended and expressing the result as a percentage. (ICWA)
Wages Rate Variance
The portion of the employee earnings which is due to the difference between the standard scale specified and the actual amount paid. (ACE)
Wages Variance
The difference between the standard employee earnings and the actual amount paid. (ACE)
Walk Time
Time allowed for construction labour to move between different places of work or to and from site accommodation. (ACE)
Wastage Factors
Factors applied to bulk materials quantities to cover for natural or unavoidable wastage during fabrication, erection or installation. (ACE)
Weighted Average Price
A value which is calculated by dividing the total cost of commodities in stock by the total quantity in stock. (ACE)
Weighted Percent Complete
Overall progress completion as derived from weighting the various constituent activities. (ACE)
Weighting
See PROGRESS WEIGHTING. (ACE)
Wet Time
Time lost due to wet weather, paid for or charged. (ACE)
or
Payment made to outside workers when rain, etc., causes them to cease work during normal working hours. (ACE)
Wharf
A charge for temporary storage at dockside. (ACE.)
Wharfage
Charge made for deck facilities after unloading from the ship and before loading for onward transmission from the docks. (ACE)
Work Breakdown Structure (WBS)
Hierarchical and highly systematic breakdown of project work into areas and activities in order to obtain a direct relationship between cost and schedule. (ACE)
or
The division of the project into subprojects according to its structural and/or functional components for the purpose of planning and control. (FLUOR)
Work Component
Level within WORK BREAKDOWN STRUCTURE. (ACE)
Work Day Calendar
A modification of the normal calendar that excludes non-work days such as holidays, vacations and weekends. (FLUOR)
Work Element
Level within WORK BREAKDOWN STRUCTURE. (ACE)
Work Measurement
Term given to the physical or drawing measurement of fabrication or construction work, as required for estimating, budgeting, tendering, progressing or payment purposes. (ACE)
Work Package
Level within WORK BREAKDOWN STRUCTURE. (ACE)
or
The lowest level within the WORK BREAKDOWN STRUCTURE, it represents one or more significant activities whose objective is the completion of a very specific and, normally, well-defined requirement In some network-based cost systems, costs are initially accumulated at this level and then summarised up the WBS. (FLUOR)
Working Capital
That part of a trading company's assets which can be readily converted into cash, consisting of the difference between current assets and current liabilities, therefore providing the equity necessary to finance present and future projects. This working capital is normally expected to be recovered without loss on completion of each project period, to enable profitable trading to continue without affecting the fixed capital, such as plant, land and buildings. The term is sometimes also applied to that part of capital which is invested in material stock, work-in-progress, finished products and the cash requirements necessary to pay current salaries, wages, etc. and to finance sales on credit terms. (ACE)
Working Out
The performance of duty by an employee outside the precincts of the factory. (ACE)
Writings Off
Reduction in or elimination of the NET book value of a fixed asset due to sale, demolition, redundancy or replacement. (ACE)
or
The reduction in or elimination of the NET book value of a fixed asset because of sale, demolition, redundancy or replacement. (ACE)
