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112 Cards in this Set

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Allowable cost

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

Appraisal

The process of establishing the value of property

Assessed value

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

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

Attribute

A characteristic of an entity

Average monthly demand

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

Bailment agreement

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

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

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

Betterment

An improvement to personal property

Blanket purchase agreement

A type of charge account with qualified vendors

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

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

Confidence level

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

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

Cause and effect diagram

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

Claim

A demand or obligation for payment as a result of loss

Consumables

In connection with consumables management property such as office supplies

Consumer Price Index

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

Contract accountable property

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

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

Contracting Officer

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

Cost approach

One of three methods of machinery and equipment valuation

Cost benefit analysis

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

Cost reimbursement

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

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

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

Demand satisfaction

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

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

Deviation

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

Disclosure statement

A written description of a Contractor cost accounting practices and procedures

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

Environment

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

Expected loss

Lost projections based on probability distribution and statistics

Exposure

In connection with risk management the possibility of a loss

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

Fee simple title

Title that represents absolute ownership of real property

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

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

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

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

Hazard

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

Hazardous personal property

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

Hazardous substances

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

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

Histogram

A graphic depiction of a tabulated frequencies of some occurrences

Historical cost

The actual or allocated cost of assets to the present owners

Holistic

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

Incident

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

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

Infrastructure

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

In suta

In place

Insured value

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

Internal audit

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

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

Linear regression

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

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

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

Loss

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

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

Maximum possible loss

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

Maximum probable loss

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

Memorandum of understanding

A legal document describing a bilateral agreement between parties

Mitigate

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

Net present value

A method of calculating discounted cash flow

Occurrence

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

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

Original cost

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

Out year

The year after the current physical year

Pareto diagram

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

Peril

A call or source of loss

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

Plant

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

Population

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

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

Prime

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

Prime contractor

A person or organization that has entered into a prime contract

Prior use

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

Privity to contract

The contractual relationship that exist between two parties

Promulgate

To publish and distribute

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

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

Release (environmental)

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

Remedy (environmental)

Steps taken to restore polluted area or site

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

Reorder point

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

Reorder quantity

The amount to order each time the ROP is reached.

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

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

Replacement value

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

Requirement determination

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

Residual value

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

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

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

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

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

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

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

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

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

Severity

Usually momentary impact of a loss

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

Statement of work

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

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

Stock

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

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

Sub award

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

Termination

The bringing to an end

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

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

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

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