FACILITY - In project work, this term usually refers to the constructed environment, e.g., buildings, structures, infrastructure, plant and equipment. (June 2007) FACTORY EXPENSE - Syn.: PLANT OVERHEAD. (November 1990) FAIR VALUE - That estimate of the value of a property that is reasonable and fair to all concerned, after every proper consideration has been given due weight. (November 1990) FALLBACK PLAN - Syn.: CONTINGENCY PLAN. (December 2011) FAST-TRACK(ING) - Scheduling activities to run simultaneously instead of consecutively as much as possible, in order to speed work completion. Fast-tracked activities thus typically begin before the predecessor activity is finished. See also: CRASHING; SCHEDULE COMPRESSION. (August 2007) FAULT TREE ANALYSIS (FTA) - A risk analysis method used to evaluate risk threats employing a deductive logic tree linking a parent event to the combinations of sub-events that could cause it. (December 2011) FEE - The charge for the use of one's services to the extent specified in the contract. (November 1990) FIELD COST - Engineering and construction costs associated with the construction site rather than with the home office. (November 1990) FIELD INDIRECTS - Refers to costs necessary to support the direct work. These generally include: 1) Temporary construction and consumables; 2) Field supervision and field office costs; and 3) Construction equipment and tools. (June 2007) FIELD LABOR OVERHEAD - The sum of the cost of payroll burden, temporary construction facilities, consumables, field supervision, and construction tools and equipment. See also: FIELD INDIRECTS. (November 1990) FIELD ORDER - A written order issued by the engineer to the contractor which orders minor changes in the work but which does not involve an adjustment in the contract price or the contract time. (November 1990) FIELD SUPERVISION COSTS - The cost of salaries and wages of all field supervision personnel (excluding general foreman), plus associated payroll burdens, home office overhead, living and travel allowances, and field office operating costs. (June 2007) FIELD SUPERVISION - Project site supervisory and support staff personnel (excluding general foreman). (June 2007) FIFO (FIRST IN, FIRST OUT) - A method of determining the cost of inventory used in a product. In this method, the costs of materials are transferred to the product in chronological order. Also used to describe the movement of materials. See also: LIFO (LAST IN, FIRST OUT). (November 1990) FINANCIAL LIFE - Syn.: VENTURE LIFE. (November 1990) FINISH DATE - Actual or estimated time associated with an activity's completion. (June 2007) FINISH FLOAT - Amount of excess time an activity has between its early finish and late finish dates. This may be referred to as slack time. All floats are calculated when a project has its schedule computed. See also: FREE FLOAT. (June 2007) FINISH-TO-FINISH LAG - The minimum amount of time that must pass between the finish of one activity and the finish of its successor(s). All lags are calculated when a project has its schedule computed. Finish-to-finish lags are often used with start-to-start lags. (June 2007) FINISH-TO-FINISH (FF) - A relationship in which the successor activity depends upon and can finish only after the predecessor activity finishes. The predecessor must finish first and then the successor can finish. (June 2007) FINISH-TO-START LAG - The minimum amount of time that must pass between the finish of one activity and the start of its successor(s). The default finish-to-start lag is zero. All lags are calculated when a project has its schedule computed. In most cases, finish-to-start lags are not used with other lag types. (June 2007) FINISH-TO-START (FS) - A relationship in which the successor activity can start only after the predecessor activity finishes. This is the most common relationship used. (June 2007) FINISHED GOODS - Commodities that will not undergo any further processing and are ready for sale to the user (e.g., apparel, automobiles, bread). (November 1990) FIRST COST - Costs incurred in placing a facility into service, including but not limited to costs of planning, design, engineering, site acquisition and preparation, construction, purchase, installation, property taxes paid and interest during the construction period, and construction-related fees. Syn.: INITIAL COST; INITIAL INVESTMENT COST. \[1\] (November 1990) FIRST EVENT NUMBER - The number of the first event in time for a work package or summary item. This event number defines the beginning of the work package or summary item in relation to the network. (November 1990) FIXED COST - Those costs independent of short term variations in output of the system under consideration. Includes such costs as maintenance; plant overhead; and administrative, selling and research expense. For the purpose of cash flow calculation, depreciation is excluded (except in income tax calculations). In construction this includes general and administrative costs. (June 2007) FIXED DATE - A calendar date (associated with a plan) that cannot be moved or changed during the schedule. (June 2007) FIXED START - Syn.: IMPOSED START DATE. (June 2007) FIXED-DURATION SCHEDULING - A scheduling method in which, regardless of the number of resources assigned to the task, the duration remains the same. (June 2007) FLOAT – (1)In manufacturing, the amount of material in a system or process, at a given point in time, that is not being directly employed or worked upon. (2)In projects, the amount of time that an activity may slip in its start and completion before becoming critical. Syn.: PATH FLOAT; SLACK. See also: FREE FLOAT; NETWORK FLOAT; PROJECT FLOAT; TOTAL FLOAT (TF). (June 2007) FLOAT PATH - A theoretical sequence of activities that share the same float and thus act as a unit when considering project completion. The concept of float paths allows for summarization and simplification of work packages by allowing management or other stakeholders to visualize larger work packages than those used at the base work level. (March 2010) FLOAT TREND CHARTS - A chart showing the progressive change over time in schedule float values. (June 2007) FLOW DIAGRAM - A graphic representation that utilizes symbols, labels, and arrows as to depict the details and sequence of operation of a procedure or process system. (June 2007) FOLLOW-ON WORK - Work that is expected to flow the result of current work. This may be a subsequent project, an enhancement, or the maintenance of the product of the current project. (June 2007) FORECAST – (1)An estimate and prediction of future conditions and events based on information and knowledge available at the time of the forecast. (2)When in respect to resource requirements, considering future conditions and events, it is a synonym for an estimate. See also: ESTIMATE. (June 2007) FORECASTING – (1)The work performed to estimate or predict future conditions and events. Forecasting establishes the range of possibilities within which one can come to focus on the objectives one will commit to achieve. Forecasting is the work involved in anticipating future events, while establishing objectives is the work necessary to commit oneself to accomplish predetermined results. (2)When in respect to resource requirements, considering future conditions and events, it is a synonym for cost estimating. Forecasting and cost estimating are often confused with budgeting, which is a definite allocation of resources and not a prediction or estimate. (June 2007) Forensic ANALYSIS – The strictly correct use of the adjective “forensic” refers to the application in law of scientific methods and investigation techniques. However, in recent times, we associate “forensics” to mean the results of a scientific investigation to determine factual information with a high degree of certainty which can be utilized to substantiate or refute a portrayal of events and/or non-events relevant to a dispute involving causation, effect and damages on contracted projects.(2019,GPC CAR) FORMAL REPROGRAMMING - In earned value, a term referring to restructuring the earned value performance measurement baseline (PMB). It may include an over-target schedule and or cost and may include a program single point adjustment. See also: REPROGRAMMING. (October 2013) FORWARD PASS – (1)In projects, network calculations that determine the earliest start/earliest finish time (date) of each activity and establishes the critical path. (2)In manufacturing, often referred to as forward scheduling, a scheduling technique where the scheduler proceeds from a known start date and computes the completion date for an order usually proceeding from the first operation to the last. (June 2007) FRAGNET – (1)A subnet of the overall project network schedule. A fragnet is typically made up of related work activities, logically connected, to allow greater detail and better control of the work. (2)A portion or fragment of a CPM network usually used to illustrate changes to the whole network. (3)In change management, a fragment of a network schedule constructed to model the event under analysis. It should contain a network of one or more activities comprising the elements of the event and their logical relationships to the appropriate activities in the unimpacted schedule. Syn.: SUBNETWORK. See also: WORK BREAKDOWN STRUCTURE (WBS). (June 2017) FREE FLOAT – Maximum amount by which an activity can be delayed beyond its early dates without delaying any successor activity beyond its early dates. See also: FREE SLACK. (June 2007) FREE HAUL - The distance every cubic yard of excavated material is entitled to be moved without an additional charge for haul. (November 1990) FREE SLACK - For a task without successors, this is the amount of time the task can be delayed without delaying the finish date of the project. See also: FREE FLOAT. \[15\] (June 2007) FRINGE BENEFITS - Employee welfare benefits, i.e., expenses of employment such as holidays, sick leave, health and welfare benefits, retirement fund, training, supplemental union benefits, etc. (November 1990) FRONT END - Syn.: DEFINITION PHASE; DEVELOPMENT PHASE; PLANNING PHASE. (June 2007) FRONT END LOADING (FEL) - Defining the project scope and plans in a way that assures the best practical level of definition is achieved as needed to support a project decision gate. (June 2007) FRONT END SCHEDULE - Usually, a bar chart schedule that is used to provide a project work schedule and a status reporting system early in the work. Definition and planning are generally still under way on the CPM schedule of activities. It is considered a project level schedule. (June 2007) FUNCTION - An expression of conceptual relationships useful in model formulations (e.g., productivity is a function of hours worked). (November 1990) FUNCTIONAL REPLACEMENT COST - The current cost of acquiring the same service potential as embodied by the asset under consideration. (November 1990) FUNCTIONAL USE AREA - The net usable area of a building or project - exclusive of storage, circulation, mechanical, and similar types of space. (November 1990) FUNCTIONAL SYSTEM - An assembly of parts or components and/or subsystems having one primary end use in the project. It should be noted that secondary and tertiary uses for functional systems are common. (November 1990) FUTURE VALUE - The value of a benefit or a cost at some point in the future, considering the time value of money. Syn.: FUTURE WORTH. \[1\] (November 1990) FUNCTIONAL WORTH - The lowest overall cost for performing a function. Four types are as follows: 1.FUNCTIONAL WORTH, COST VALUE - the monetary sum of labor, material, burden, and all other elements of cost required to produce an item or provide a service. 2.FUNCTIONAL WORTH, ESTEEM VALUE - the monetary measure of the properties of a product or service, which contribute to desirability or salability but not to required functional performance. 3.FUNCTIONAL WORTH, EXCHANGE VALUE - the monetary sum at which a product or service can be traded. 4.FUNCTIONAL WORTH, USE VALUE - the monetary measure of the necessary functional properties of a product or service that contribute to performance. (November 1990) FUTURE WORTH - Syn.: FUTURE VALUE. \[1\] (November 1990)