project management glossary

facility

 In project work, this term usually refers to the constructed environment, e.g. buildings, structures, infrastructure, plant and equipment.

 Any building, plant, installation, structure, mine, vessel or other floating craft, location, or site of operations, owned, leased, or supervised by a Contractor or subcontractor, used in the performance of a contract or subcontract.

factor

 An element or influence that operates on or has an affect on a calculation, product or result.

failure

 The inability to perform.

 A deficiency, defect, nonperformance or non-conformance with specified requirements.

 An event in which any part of an item does not perform as required by its performance specification.

fair and reasonable cost

 Costs that do not exceed what an ordinary, prudent person in the conduct of competitive business would incur.