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glossary industry terms/acronyms

» Addendum: revision to the bidding documents » Allowance: money included in contract for specific work items that were not detailed at time of contract » Balancing: regulation of MEP system flow » BIM: Building Information Modeling » Closeout: finalizing all project tasks and handing over project documentation to the owner » Change Management: tracking cost changes to project scope » Commitments: finances provided to subcontractors » Contingency Plan: money set aside for additional costs » Cost Estimation: predicting the costs of construction » Critical Path: sequence of critical project tasks » GMP: Guaranteed Maximum Price » LEAN: program to increase construction efficiency » LEED: Leadership in Energy and Environmental Design » MEP: Mechanical, Electrical and Plumbing » Mockup: scale or full-size model of a design » NIOSH: National Institute for Occupational Safety and Health » OAC Meeting: Owner-Architect-Contractor Meeting » Commissioning: checking that all mechanical equipment is installed and operating correctly