Cpps Module 1

Front 1

Allowable cost

Back 1

A cost that is reasonable, equable, within accepted standards, or otherwise conforms to generally accepted accounting principles

Front 2

Appraisal

Back 2

The process of establishing the value of property

Front 3

Assessed value

Back 3

The value placed on an asset by the assessor for tax purposes

Front 4

Assurance audit

Back 4

A type of audit that is used to test compliance of the property system with applicable federal state, or local laws and regulations

Front 5

Attribute

Back 5

A characteristic of an entity

Front 6

Average monthly demand

Back 6

the average quantity of a consumable item issued from inventory for 1 month

Front 7

Bailment agreement

Back 7

A legally binding agreement that is used for loaning government property to another governmental entity under a prime contract

Front 8

Basic agreement

Back 8

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

Front 9

Basic ordering agreement

Back 9

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

Front 10

Betterment

Back 10

An improvement to personal property

Front 11

Blanket purchase agreement

Back 11

A type of charge account with qualified vendors

Front 12

Business continuty planning

Back 12

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

Front 13

Contract closeout

Back 13

From a property management standpoint, contract closeout is the disposal of all property and the zeroing out of all property records on the contract

Front 14

Confidence level

Back 14

In statistics, the probability value, usually written as a percentage, associated with a confidence interval

Front 15

Capital budget

Back 15

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

Front 16

Cause and effect diagram

Back 16

In business system analysis a diagram that shows the possible or no relationship between certain causes and a single effect

Front 17

Claim

Back 17

A demand or obligation for payment as a result of loss

Front 18

Consumables

Back 18

In connection with consumables management property such as office supplies

Front 19

Consumer Price Index

Back 19

A well-known index of price inflation often used in reverse indexing for property price valuations

Front 20

Contract accountable property

Back 20

Property that is owned by the acquiring organization but is in the possession of the vendor

Front 21

Contract administration

Back 21

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

Front 22

Contracting Officer

Back 22

One legally best it with the right to make binding decisions relative to a contract

Front 23

Cost approach

Back 23

One of three methods of machinery and equipment valuation

Front 24

Cost benefit analysis

Back 24

And risk management the comparing of the cost of mitigating a risk to the anticipated benefits

Front 25

Cost reimbursement

Back 25

A type of contract which provides for payment of allowable incurred cost

Front 26

Defect

Back 26

The condition in which a functional segment a sample item our sample item element of a property control system contains one or more deficiencies

Front 27

Demand accommodation

Back 27

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

Front 28

Demand satisfaction

Back 28

The percentage of requests that were for stock item and the request was filled from stock

Front 29

Determination and findings

Back 29

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

Front 30

Deviation

Back 30

1 the application or use of a standard, limitation, policy, procedure, or authority other than that prescribed by regulation

Front 31

Disclosure statement

Back 31

A written description of a Contractor cost accounting practices and procedures

Front 32

Enterprise risk management

Back 32

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

Front 33

Environment

Back 33

The sum of all external conditions affecting the life, development, and survival of an organism

Front 34

Expected loss

Back 34

Lost projections based on probability distribution and statistics

Front 35

Exposure

Back 35

In connection with risk management the possibility of a loss

Front 36

Fair market value

Back 36

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

Front 37

Fee simple title

Back 37

Title that represents absolute ownership of real property

Front 38

Flowcharting

Back 38

The start point, possible or desired in points, input, output, possible routes, and the decision that support or God these possible paths are included

Front 39

Forced liquidation value

Back 39

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

Front 40

Frequency (relative to loss)

Back 40

The number of times within a specified time. And which a loss occurs, the number of times a loss is predicted to occur

Front 41

Grant

Back 41

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

Front 42

Hazard

Back 42

In connection with risk management a condition within an exposure that may lead to an accident

Front 43

Hazardous personal property

Back 43

Property that is Dean a hazardous material, chemical substance or mixture, are hazardous waste under the hazardous material transaction act

Front 44

Hazardous substances

Back 44

All toxic pollutants and hazardous substances listed under the Clean Water Act, hazardous wastes regulated by the resource conservation and Recovery Act

Front 45

Hazardous waste

Back 45

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

Front 46

Histogram

Back 46

A graphic depiction of a tabulated frequencies of some occurrences

Front 47

Historical cost

Back 47

The actual or allocated cost of assets to the present owners

Front 48

Holistic

Back 48

An approach to risk that is concerned with the whole organizations rather than the separate analysis of its parts

Front 49

Incident

Back 49

An event that disrupt normal activities and may result in a loss or claim

Front 50

Income approach

Back 50

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

Front 51

Infrastructure

Back 51

Refers to the organizational structure within the governmental entity, corporation, or institution

Front 52

In suta

Back 52

In place

Front 53

Insured value

Back 53

The value of an item of property in accordance with the terms of an insurance policy or other agreements

Front 54

Internal audit

Back 54

A means for management to assess the effectiveness and efficiency of the organization

Front 55

Jointly and severally

Back 55

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

Front 56

Linear regression

Back 56

A statistical technique for modeling the value of one variable given the value of some of the variable or variables

Front 57

Limited discretion

Back 57

A condition under which an individual or a legal entity can not do as he or she pleases with a piece of own property

Front 58

Liquidation value in place

Back 58

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

Front 59

Loss

Back 59

A reduction of asset value, every duction of income, or an increase in expenses

Front 60

Mass appraisal

Back 60

The process of valuing a universe of properties as of a given date using standard methods, employing common data, and allowing for statistical testing

Front 61

Maximum possible loss

Back 61

The greatest amount that an organization Stan to lose as a result of loss

Front 62

Maximum probable loss

Back 62

The most likely amount that an organization stands to lose as the result of a loss

Front 63

Memorandum of understanding

Back 63

A legal document describing a bilateral agreement between parties

Front 64

Mitigate

Back 64

Reduce the severity of the effects of something. Example the effects of a loss or a probable loss

Front 65

Net present value

Back 65

A method of calculating discounted cash flow

Front 66

Occurrence

Back 66

An accident with the limitation of time removed, often referred to as a progressive accident

Front 67

Orderly liquidation value

Back 67

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

Front 68

Original cost

Back 68

The call of a fixed asset as of the date it was first constructed are originally installed

Front 69

Out year

Back 69

The year after the current physical year

Front 70

Pareto diagram

Back 70

A special type of bar chart in which the values been plotted are arranged in descending order

Front 71

Peril

Back 71

A call or source of loss

Front 72

Pilferable property

Back 72

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

Front 73

Plant

Back 73

A facility or item of real property dedicated to a specific function other than administration, manufacturing, power generation, or education

Front 74

Population

Back 74

An aggregation of documents, records, assets, or actions selected for review on the basis of their common characteristics

Front 75

Premise of value

Back 75

The type of market conditions the seller of the business interest might reasonably encounter, such as business as usual or liquidation condition

Front 76

Prime

Back 76

The term applied to the elements and contracting involved with the initial contract

Front 77

Prime contractor

Back 77

A person or organization that has entered into a prime contract

Front 78

Prior use

Back 78

The manner in which real property has been managed are used prior to the time under consideration

Front 79

Privity to contract

Back 79

The contractual relationship that exist between two parties

Front 80

Promulgate

Back 80

To publish and distribute

Front 81

Property audit

Back 81

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

Front 82

Purposeful sampling

Back 82

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

Front 83

Release (environmental)

Back 83

The spelling, Lincoln, pumping, pouring, emitting, emptying, discharging, injecting, escaping, dumping, or disposal of hazardous substances

Front 84

Remedy (environmental)

Back 84

Steps taken to restore polluted area or site

Front 85

Removal action (environmental)

Back 85

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

Front 86

Reorder point

Back 86

The point at which the consumables inventory level is low enough to order stock

Front 87

Reorder quantity

Back 87

The amount to order each time the ROP is reached.

Front 88

Replacement

Back 88

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

Front 89

Replacement standards

Back 89

Factors that should be considered by the organization in making a decision as to whether to repair or replace a piece of equipment

Front 90

Replacement value

Back 90

The cost of replacing an asset with an equivalent assets which can provide similar service at current market prices

Front 91

Requirement determination

Back 91

The process of identifying and justifying future property acquisitions and providing the necessary funds

Front 92

Residual value

Back 92

The proceeds, less any removal and disposal cost, realized upon the disposal of the asset

Front 93

Response action

Back 93

Action taken to address the release or threatened release of a hazardous substance, whether it be by the parties responsible or by enforcement agencies

Front 94

Retrograde

Back 94

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

Front 95

Reverse indexing

Back 95

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

Front 96

Risk-based audit

Back 96

A type of audit that is designed to ensure that risk (such as observe events are known non-compliance) identified by management are address

Front 97

Safety stock

Back 97

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

Front 98

Sales approach

Back 98

One of three methods of machinery and equipment valuation. It entails the gathering of actual sales data or offerings of similar or comparable property

Front 99

Sample

Back 99

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

Front 100

Salvage value

Back 100

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

Front 101

Severity

Back 101

Usually momentary impact of a loss

Front 102

Standard

Back 102

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

Front 103

Statement of work

Back 103

A document that defines the effort required for the design, engineering, development, fabrication, and testing of a project

Front 104

Statutory standard

Back 104

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

Front 105

Stock

Back 105

Consumables that have been purchased by the organizations but have not yet been issued

Front 106

Strict liability

Back 106

A legal doctrine that makes a person responsible for the damage and loss caused by his or her act and omissions regardless of fault

Front 107

Sub award

Back 107

Financial assistance, procurement, or contract made by recipient to an eligible sub-recipient

Front 108

Termination

Back 108

The bringing to an end

Front 109

Turnover ratio

Back 109

In the context of consumables management a measure of the number of times and organizations consumables inventory is replaced during any given time

Front 110

Use standard

Back 110

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

Front 111

Vehicle pool

Back 111

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

Front 112

Weighted average cost of capital

Back 112

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