Archives: Glossary Terms

The unique strengths or capabilities that allow an organization to outperform its rivals and create superior value for customers.

The support of facility management by information technology.

Software that maintains a computer database of information about an organization’s maintenance operations.

An early-stage, rough cost estimate.

Assessing how efficiently a design can be built.

Budgeted reserves for unexpected costs.

Plans, permits, and specifications.

The formal completion of contract obligations.

The fundamental skills, knowledge, and technologies that enable an organization to deliver unique value to customers and differentiate itself from competitors.

Core values are the fundamental beliefs and principles that guide an organization’s decisions, actions, and behaviors. They reflect the organization’s culture, purpose, and priorities, and serve as a touchstone for decision-making and stakeholder engagement.