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112 Cards in this Set
- Front
- Back
Allowable cost |
A cost that is reasonable, equable, within accepted standards, or otherwise conforms to generally accepted accounting principles |
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Appraisal |
The process of establishing the value of property |
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Assessed value |
The value placed on an asset by the assessor for tax purposes |
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Assurance audit |
A type of audit that is used to test compliance of the property system with applicable federal state, or local laws and regulations |
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Attribute |
A characteristic of an entity |
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Average monthly demand |
the average quantity of a consumable item issued from inventory for 1 month |
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Bailment agreement |
A legally binding agreement that is used for loaning government property to another governmental entity under a prime contract |
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Basic agreement |
When two parties create a standing agreement that will serve as the BOILERPLATE for all future agreements a basic agreement is an operation it is not a contract |
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Basic ordering agreement |
Like a basic agreement a basic ordering agreement is not a contract a basic ordering agreement contains all of the applicable clauses but it also contains a description of the goods or services that will be provided |
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Betterment |
An improvement to personal property |
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Blanket purchase agreement |
A type of charge account with qualified vendors |
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Business continuty planning |
A process by which an organization develops and implements advance arrangements and procedures to be able to withstand any events such as a natural disaster |
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Contract closeout |
From a property management standpoint, contract closeout is the disposal of all property and the zeroing out of all property records on the contract |
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Confidence level |
In statistics, the probability value, usually written as a percentage, associated with a confidence interval |
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Capital budget |
A capital budget reflects the cost of project or assets that meet three criteria: the cost exceeds a pre-established dollar amount, the end item has a useful life greater than one year or greater than a specified number of years, and the project or purchase is a new purchase or extends the life of functionality of an existing at that |
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Cause and effect diagram |
In business system analysis a diagram that shows the possible or no relationship between certain causes and a single effect |
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Claim |
A demand or obligation for payment as a result of loss |
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Consumables |
In connection with consumables management property such as office supplies |
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Consumer Price Index |
A well-known index of price inflation often used in reverse indexing for property price valuations |
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Contract accountable property |
Property that is owned by the acquiring organization but is in the possession of the vendor |
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Contract administration |
The coordination of actions required for the performance of a contract, including the guidance and supervision necessary to ensure that all contractual obligations are fulfilled |
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Contracting Officer |
One legally best it with the right to make binding decisions relative to a contract |
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Cost approach |
One of three methods of machinery and equipment valuation |
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Cost benefit analysis |
And risk management the comparing of the cost of mitigating a risk to the anticipated benefits |
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Cost reimbursement |
A type of contract which provides for payment of allowable incurred cost |
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Defect |
The condition in which a functional segment a sample item our sample item element of a property control system contains one or more deficiencies |
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Demand accommodation |
And consumables management, the percentage of requests that were accommodated by the requested items being a stock item, but may not have been in stock |
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Demand satisfaction |
The percentage of requests that were for stock item and the request was filled from stock |
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Determination and findings |
A special form of written approval by an authorized official that is required by statute of regulation as a prerequisite to take certain contract actions. The findings are statements of fact or rationale essential to support the determination |
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Deviation |
1 the application or use of a standard, limitation, policy, procedure, or authority other than that prescribed by regulation |
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Disclosure statement |
A written description of a Contractor cost accounting practices and procedures |
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Enterprise risk management |
A holistic approach to managing an organization's risk. Erm may be defined as the practice of protecting an organization from financial harm by identifying, analyzing, and controlling risk at the lowest possible cost |
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Environment |
The sum of all external conditions affecting the life, development, and survival of an organism |
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Expected loss |
Lost projections based on probability distribution and statistics |
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Exposure |
In connection with risk management the possibility of a loss |
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Fair market value |
An asset is based upon what a willing buyer and a willing seller would agree to as the purchase price having reasonable knowledge of all the facts and neither being under compulsion to buy or sell |
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Fee simple title |
Title that represents absolute ownership of real property |
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Flowcharting |
The start point, possible or desired in points, input, output, possible routes, and the decision that support or God these possible paths are included |
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Forced liquidation value |
The estimated gross amount expressed in terms of money, that could typically be realized from a property advertised and conducted public auction, with the seller being compelled to sell with the sense of immediate C on an as is, where is basis |
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Frequency (relative to loss) |
The number of times within a specified time. And which a loss occurs, the number of times a loss is predicted to occur |
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Grant |
A type of assistance award and a legal instrument which permits an organization to transfer money, property, services, or other things of value to grantee with no substantial involvement is anticipated between the organization and the recipient |
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Hazard |
In connection with risk management a condition within an exposure that may lead to an accident |
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Hazardous personal property |
Property that is Dean a hazardous material, chemical substance or mixture, are hazardous waste under the hazardous material transaction act |
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Hazardous substances |
All toxic pollutants and hazardous substances listed under the Clean Water Act, hazardous wastes regulated by the resource conservation and Recovery Act |
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Hazardous waste |
Any used or unused hazardous material that has no known utility and therefore must be discarded. It may be a solid, liquid, or gaseous waste our sludge |
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Histogram |
A graphic depiction of a tabulated frequencies of some occurrences |
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Historical cost |
The actual or allocated cost of assets to the present owners |
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Holistic |
An approach to risk that is concerned with the whole organizations rather than the separate analysis of its parts |
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Incident |
An event that disrupt normal activities and may result in a loss or claim |
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Income approach |
One of three methods of machinery and equipment valuation. It relates the value of an item to as expected revenues are benefits to the owners |
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Infrastructure |
Refers to the organizational structure within the governmental entity, corporation, or institution |
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In suta |
In place |
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Insured value |
The value of an item of property in accordance with the terms of an insurance policy or other agreements |
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Internal audit |
A means for management to assess the effectiveness and efficiency of the organization |
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Jointly and severally |
As it relates to hazardous waste cleanup, it means that any party with involvement in the property as an owner or operator may be held responsible for all or part of the cleanup costs |
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Linear regression |
A statistical technique for modeling the value of one variable given the value of some of the variable or variables |
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Limited discretion |
A condition under which an individual or a legal entity can not do as he or she pleases with a piece of own property |
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Liquidation value in place |
The estimated gross amount, expressed in terms of money, that could typically be realized from a failed facility, assuming that the entire facility would be sold intact with a limited time to complete the sale as of a specified date |
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Loss |
A reduction of asset value, every duction of income, or an increase in expenses |
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Mass appraisal |
The process of valuing a universe of properties as of a given date using standard methods, employing common data, and allowing for statistical testing |
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Maximum possible loss |
The greatest amount that an organization Stan to lose as a result of loss |
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Maximum probable loss |
The most likely amount that an organization stands to lose as the result of a loss |
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Memorandum of understanding |
A legal document describing a bilateral agreement between parties |
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Mitigate |
Reduce the severity of the effects of something. Example the effects of a loss or a probable loss |
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Net present value |
A method of calculating discounted cash flow |
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Occurrence |
An accident with the limitation of time removed, often referred to as a progressive accident |
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Orderly liquidation value |
The estimated gross amount, expressed in terms of money, that could be typically realized from a liquidation sale, given a reasonable period of time to find a purchaser, with the seller being compelled to sell on an as is, where is basis, as of a specific date |
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Original cost |
The call of a fixed asset as of the date it was first constructed are originally installed |
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Out year |
The year after the current physical year |
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Pareto diagram |
A special type of bar chart in which the values been plotted are arranged in descending order |
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Peril |
A call or source of loss |
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Pilferable property |
Property having a ready resale value or application to personal possessions, and being there for especially subject to theft. Example watches certain tools and laptop computers |
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Plant |
A facility or item of real property dedicated to a specific function other than administration, manufacturing, power generation, or education |
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Population |
An aggregation of documents, records, assets, or actions selected for review on the basis of their common characteristics |
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Premise of value |
The type of market conditions the seller of the business interest might reasonably encounter, such as business as usual or liquidation condition |
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Prime |
The term applied to the elements and contracting involved with the initial contract |
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Prime contractor |
A person or organization that has entered into a prime contract |
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Prior use |
The manner in which real property has been managed are used prior to the time under consideration |
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Privity to contract |
The contractual relationship that exist between two parties |
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Promulgate |
To publish and distribute |
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Property audit |
A systematic, objective review and evaluation of an organization's property control system which includes the organization's established procedures and its application of, implementation of, and compliance with those procedures |
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Purposeful sampling |
The process by which known, suspected, or reported conditions of a critical or substantial nature are used to select areas, items, or actions for review by an auditor to determine their possible adverse impact upon the property system |
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Release (environmental) |
The spelling, Lincoln, pumping, pouring, emitting, emptying, discharging, injecting, escaping, dumping, or disposal of hazardous substances |
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Remedy (environmental) |
Steps taken to restore polluted area or site |
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Removal action (environmental) |
Actions taken to stop, prevent, or minimize the release or threatened release of hazardous substances which include not only listed hazardous substances but any such material with the exception of oil and gas |
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Reorder point |
The point at which the consumables inventory level is low enough to order stock |
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Reorder quantity |
The amount to order each time the ROP is reached. |
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Replacement |
The replacement of an internal or external part of an item of personal property, such as the installation of electronic control system that replaces mechanical valves and timers and a heating system |
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Replacement standards |
Factors that should be considered by the organization in making a decision as to whether to repair or replace a piece of equipment |
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Replacement value |
The cost of replacing an asset with an equivalent assets which can provide similar service at current market prices |
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Requirement determination |
The process of identifying and justifying future property acquisitions and providing the necessary funds |
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Residual value |
The proceeds, less any removal and disposal cost, realized upon the disposal of the asset |
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Response action |
Action taken to address the release or threatened release of a hazardous substance, whether it be by the parties responsible or by enforcement agencies |
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Retrograde |
In connection with consumables management retrograde could include recycling, scrap sales, or simply picking up the used items and making the decision for the customer as to their final disposition |
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Reverse indexing |
A method for estimating the original or historical cost of a property based on the current value of similar properties and the original date of purchase |
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Risk-based audit |
A type of audit that is designed to ensure that risk (such as observe events are known non-compliance) identified by management are address |
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Safety stock |
And consumables management, the number of days of stock that should be on hand when the first receipt is process for an item on an outstanding requisition |
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Sales approach |
One of three methods of machinery and equipment valuation. It entails the gathering of actual sales data or offerings of similar or comparable property |
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Sample |
A number of items, for example, documents, records, articles, or actions, selected from a population for review in order to draw inferences regarding to the status of the population |
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Salvage value |
The expected residual value of an asset. It is the estimated amount that could be realized from the sale of the property at the end of its useful life, based on its having some value in excess of the basic material content |
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Severity |
Usually momentary impact of a loss |
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Standard |
A prescribed set of rules, procedures, or requirements concerning the definition of terms, the classification of property assets, the specification of performance and operational expectations, & a measurement of quality and quality in describing systems, services, and practices |
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Statement of work |
A document that defines the effort required for the design, engineering, development, fabrication, and testing of a project |
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Statutory standard |
A standard, such as the definition of hazardous waste are the maximum permissible part per million of a chemical in a waste stream, that is established by law |
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Stock |
Consumables that have been purchased by the organizations but have not yet been issued |
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Strict liability |
A legal doctrine that makes a person responsible for the damage and loss caused by his or her act and omissions regardless of fault |
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Sub award |
Financial assistance, procurement, or contract made by recipient to an eligible sub-recipient |
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Termination |
The bringing to an end |
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Turnover ratio |
In the context of consumables management a measure of the number of times and organizations consumables inventory is replaced during any given time |
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Use standard |
In connection with requirements determination, use standards are guidelines, established by the organization, for determining in what quantity, when, and where items or categories of items are required |
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Vehicle pool |
A group of vehicles that are made available to individuals on an as needed basis and which may be stored and maintained in a central location or Depot |
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Weighted average cost of capital |
The discounted rate used to convert expected future cash flows into present value for all investors. Usually it is calculated both assuming a constant cost of capital and a fixed set of target market value weights throughout the time frame of the analysis |