Key Words, Acronyms & Abbreviations

Key Words, Acronyms & Abbreviations

To help you navigate around or get the most out of QicWorks we have compiled a glossary of Key Words, Acronyms and Abbreviations.


Job Management


Key Words


Meanings


Job

Jobs are the ‘bucket’ that is used to capture all time and costs associated with undertaking a job or project.

Task

Are smaller packages of work that are undertaken to complete the Job.

Net Cost

The rate at which a Resource costs you. Generally this figure includes wage paid, superannuation, workers compensation, payroll tax and a small percentage for administration for that classification.

Base

The minimum or default rate you charge your Customers for your Resource classifications

Pricing Table

Is the list of all Price Lists (or Schedule of Rates) that you charge particular Jobs, Customers or Task out at.

Classification

Classifications are used to categorise or group a type of resource.

For example: Electrician, Apprentice Level 1, Contract Welder, Crane

Materials

Are tangible objects used on a Job ie Bag of bolts

Resources
Labour or equipment that is charged out at an hourly, daily or shift rate and costed to a Job or need to be scheduled.
Percentage Complete
The relationship between services preformed to date in comparison to the overall performance to date. It is calculated as a percent within a Task and rolls up to calculate the overall percentage of works completed for the Job.

Supplier

Company you are buying from

Customer

Company you are selling to

Active/Inactive

 

Lock/Unlocked

 

 

 

Cost Management


  Job Markup

   Job Overhead



  Budget
  Visible at Task level, the budget is the value of the job that the Supervisor is to work towards achieving. Generally, this value is slightly less that your Estimate value.
  Estimate
  This value is the true estimated cost to complete this works.
  Quoted
  This is the value of the works that you are quoting/charging your Customer. If the works is quoted, then this value includes your Job Markup.
  Actual
  The cost of works todate.  This value includes your set Job Overhead percentage. The rates used to calculate this value is taken from the Nett Cost Pricing Table.
  Billable
  This value is calculated by multiplying Resource hours by the selected Customer Pricing Table plus any purchases (including their mark up)
  Invoiced
  This is the value that has been invoiced to date for works completed.



General Acronyms

Everyone loves a good acronym, but sometimes they can be really confusing. Check out our list below and take all the guess work out of what you are looking at.

Acronym


Extension


Meaning


WBS

W ork B reakdown S tructure

 

FAC

F orecast A t C ompletion

 

EV
Earned Value

 



Material Management


SKU – Stock Keeping Unit. This is a free text field whereby you can give your material/service its own code ie BOLT5/8 or manufactures part number 5484-6584

UOM – Unit of Measure. This free text field for entering unit of measure ie each, once, day, metre, m, ea etc

MOQ – Minimum Order Quantity. Used to set minimal quantities ie these bolts are bought in packs of 100 only, but used as individual units on the job.

Location – Free text field to enter a storage location ie workshop 1, Truck35, Shelf 6

Bin – Free text field to enter sublevel storage location ie plastic tub 6, Shelf2Tub3, drawer2.  Location and bIn are not tied together/matched.


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