Z94.4 - Cost Engineering & Project Management
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NEGLIGENCE. Failure to exercise that degree of care in the conduct of professional duties that should be exercised by the average, prudent professional, practicing in the same community under similar circumstance. Under this concept, an architect/engineer is not liable for errors of judgment, but only for a breach of duty to exercise care and skill.
NET AREA. When used in building construction, it is the area, exclusive of encroachment by partitions, mechanical space, etc., which is available for circulation or for any other functional use within a project.
NET BENEFITS (SAVINGS). The difference between the benefits and the costs — where both are discounted to present or annual value dollars.
NET PROFIT. Earnings after all operating expenses have been deducted from net operating revenues for a given period.
NET PROFIT, PERCENT OF SALES. The ratio of annual profits to total sales for a representative year of capacity operations. An incomplete measure of profitability, but a useful guidepost for comparing similar products and companies. Syn.: Profit Margin.
NET PURCHASES (CONCEPT OF). According to this concept, any proceeds from the sale in the reference year of a used commodity belongs to a given elementary group and are subtracted from the expenditure reported on commodities in that elementary group.
NETWORK. A logic diagram of a project consisting of the activities and events that must be accomplished to reach the objectives, showing their required sequence of accomplishments and interdependencies.
NETWORK ANALYSIS. Technique used in planning a project consisting of a sequence of activities and their interrelationship within a network of activities making up a project. (See CRITICAL PATH.)
NETWORK PLANNING. A broad generic term for techniques used to plan complex projects using logic diagrams (networks). Two of the most popular techniques are ADM and PDM.
NODE. The symbol on a logic diagram at the intersection of arrows (activities). Nodes identify completion and/or start of activities. (See EVENT.)
NONCASH. A term frequently used for tangible commodities to be used from inventory and not replaced.
NONDURABLE GOODS. Goods whose serviceability is generally limited to a period of less than three years (such as perishable goods and semidurable goods).
NONEXEMPT. Employees not exempt from federal wage and hours guidelines.
NONWORK UNIT. A calendar-specified time unit during which work will not be scheduled.
NOTICE OF AWARD. The written notice of acceptance of the bid by the owner to a bidder stating that upon compliance by the bidder with the conditions precedent enumerated therein, within the time specified, the owner will sign and deliver the agreement.
NOTICE TO PROCEED. A written notice issued by the owner to the contractor authorizing the contractor to proceed with the work and establishing the date for commencement of the contract time.
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