Module 2 Flashcards.xlsx

In earned value measurement (EVM), the total cost incurred for the work performed on a task during a specific time period.

To change a space from what it was originally designed for into a new configuration to house a new function the organization needs.

A series of equally spaced payments over a length of time.

Item, thing or entity that has potential or actual value to an organization.

The span of time from preparation and construction/ manufacture through disposal during which a capital asset is used, including its estimated useful life. Costs are associated with all parts within this cycle.

Coordinated activity of an organization to realize value from assets.

A collaboration methodology, building life-cycle support tool, and class of software designed for open data interchange in a standards-based machine-readable format to enable modeling of a new or existing facility and easy access to data on current and historical configurations of a facility's spaces and systems. Its data can be used seamlessly in every part of a facility's life cycle of planning, design, construction, and operations and maintenance.

Document which summarizes the scope, benefits, costs and risks of a proposed solution to a business need.

A gap analysis tool that translates the business's strategic goals into impact on facilities.

A gap analysis tool that assesses how well the current facilities resources can perform against the current strategic goals.

The planning stage behind building facilities for organizational use, either a single building or multiple structures on the same or multiple sites.

The way decision-making authority is located or distributed within an organization or function.

The line of reporting relationships from the lowest to the highest level.

A systematic process of verifying and providing documented evidence that a building and its systems function per the specifications set in project documents and satisfy the owner's operational requirements that were used to develop the design.

When the interest accrued on a loan also accumulates interest.

The process of developing and rolling out a versioning methodology for deliverables or processes. This includes applying a version numbering system and ensuring that only approved changes are put in new versions and that everyone is working off the latest version at all times.

In earned value measurement (EVM), the ratio of the earned value to the actual cost. A value less than 1.0 shows that the project is off schedule or budget.

A formula that provides a project manager with information about whether a project is over or under budget, in monetary terms. It is calculated by subtracting actual cost from earned value.

The sequence of tasks in the project that will take the longest overall to complete, thus defining the shortest possible project duration.

In earned value measurement (EVM), the measure of work performed expressed in terms of the budget authorized for that work.

A technique that allows project managers to measure both schedule and cost variances.

A gap analysis tool that reviews the entire portfolio in terms of appropriate location, age, value, capacity, condition, utilization, operating costs, and risks.

An inspection and evaluation of the condition of a structure. It summarizes physical defects and maintenance, repair, or replacement discrepancies, including code violations. This usually provides an estimated budget for maintenance and repair or replacement, with recommended timing over the next five to ten years.

Current maintenance, replacement, and repair deficiencies divided by current replacement value. The top number is the facility condition assessment (FCA) quantified; the bottom number is the monetary value of the structure as assigned by the organization.

A way of assigning work based on shared skills, knowledge, and tasks.

A type of bar chart for scheduling that lists tasks in separate rows, with a calendar and horizontally displayed task bars in the columns area. Task bar width corresponds to the start and finish dates for the task. Task predecessors are shown using linking arrows.

A change initiated by a project team member who adds features or configuration elements, bypassing integrated change control.

A way of assigning work based on level of authority or chain of command.

A project that increases a space's capability for efficiency or productivity, positively impacting performance of a facility, installation, or system.

A technique that involves taking an inventory of the inputs and outputs of materials, systems, or entire facilities and analyzing the environmental and resource use impacts of collective asset choices over their expected life cycles.

A quantitative approach to analyzing the total cost of feasible alternatives for facilities, facility systems, or other assets in order to select the alternative with the lowest cost in present value terms for all of the following over the life of the asset: initial investment; plus capital replacement cost; plus operating, maintenance, and repair costs; plus energy costs; plus disposal costs; minus salvage value.

A document completed for facilities that comprise multiple buildings; describes future business requirements and long-term plans for built and natural elements, usually reflecting local requirements and conditions.

Level at which activities are performed in a routine way in support of the organization's functions.

A way of visualizing the relationships between functions and the reporting structure (or direct accountability) within functions and entire organizations.

A gap analysis tool that defines gaps that must be addressed and suggests possible solutions.

In earned value measurement (EVM), the budgeted cost assigned to scheduled work.

The entire set of facilities or other capital assets owned or leased and operated by the organization.

How much a financial amount to be received or paid in the future would be worth if received or paid today, based on the year in the future that the payment is made or received and the rate of return the person or organization would expect to earn on an investment of similar risk or the cost of obtaining capital; equation is future value divided by (1 + i)n (where i = interest and n = number of periods).

The process of gathering and analyzing a project's or program's requirements for a period such as a strategic planning period. Requirements are based on organizational performance expectations for spaces, end user needs and expectations, and mandatory (e.g., code) requirements. It can be conducted for multiple sites, a single facility, or specific systems or programs.

A concise, possibly one-page, document that lists the end results to achieve, how it benefits the demand organization, and how success will be measured.

Management of a project through its distinct processes of initiating, planning, executing, and closure, while providing monitoring and controlling at all points to integrate the work of a temporary project team and guide other stakeholders.

A gap analysis tool that considers possible FM actions under varying conditions, such as changes in general economic trends and conditions (e.g., tightening of the credit market and a resulting increase in costs for capital projects) or changes in the organization's business health (e.g., a release of capital for investment in facilities, a downturn in cash flow to support operations).

In earned value measurement (EVM), the ratio of the earned value to the planned value. A value less than 1.0 shows that the project is off schedule.

A formula that indicates if a project is ahead or behind schedule, expressed in monetary terms. It is calculated by subtracting planned value from earned value.

Unplanned scope changes initiated by stakeholders (such as managers, executives, or clients) who add new objectives or requirements to a project without approving the required increases in the deadlines or funding and/or considering the unintended consequences of the changes.

The number of direct reports that an individual has

A way of assigning work based on differences in geography or organizational divisions; may require some duplication of effort

Several alternative methods of setting requirements for the quantity and quality of work to be done, services to provide, standards to use, results to achieve, or materials, systems, or equipment to provide.

A narrative description of the work that needs to be done to fulfill project objectives

A consistent relationship between the external environment (e.g., the industry and market, government regulations), an organization's strategic goals, and the way the organization deploys its resources.

Level at which an organization defines its objectives and policies, and plans and assesses how to achieve its goals.

The continuous process of planning, implementing, monitoring and measuring, and revising and improving strategies.

The process of gathering and analyzing internal and external information, setting goals based on that analysis, developing plans to accomplish those goals, and defining performance objectives that can be used to assess progress.

A plan to create long-term value for customers and stakeholders and, in the case of for-profit businesses, future competitive advantage.

A strategic analysis tool that analyzes the organization's positive assets or capabilities, its performance gaps that could affect success, and positive or negative situations or likelihoods that can be used to advantage or could hinder success. The acronym stands for Strengths, Weaknesses, Opportunities, and Threats.

Level at which an organization plans and manages the specific mechanisms and resources for operational delivery of products.

All expenditures an owner can expect to make during the service life of a structure or asset.

A comparison of the plan against actual results to determine what should have been done in that amount of time versus what actually was done and how much money has been spent versus what was planned to be spent.

A parent-child hierarchical scoping document that lists all major categories of project work to be done, adding as many lower tiers of subcategories, major tasks, and tasks as are needed to organize the work. The lowest tier can vary by category but should end when tasks have been broken down just enough to best facilitate planning, monitoring, and controlling.