Search results
Results From The WOW.Com Content Network
An accountancy term, construction in progress (CIP) asset or capital work in progress entry records the cost of construction work, which is not yet completed (typically, applied to capital budget items). A CIP item is not depreciated until the asset is placed in service. Normally, upon completion, a CIP item is reclassified, and the ...
The plan–do–check–act cycle is an example of a continual improvement process. The PDCA (plan, do, check, act) or (plan, do, check, adjust) cycle supports continuous improvement and kaizen. It provides a process for improvement which can be used since the early design (planning) stage of any process, system, product or service.
A capital improvement plan (CIP), or capital improvement program, is a short-range plan, usually four to ten years, that identifies capital projects and equipment purchases, provides a planning schedule and identifies options for financing the plan.
Revenues and gross profit are recognized each period based on the construction progress, in other words, the percentage of completion. Construction costs plus gross profit earned to date are accumulated in an asset account (construction in process, also called construction in progress), and progress billings are accumulated in a liability account (billing on construction in process).
Clean-in-place (CIP) is an automated method of cleaning the interior surfaces of pipes, vessels, equipment, filters and associated fittings, without major disassembly. CIP is commonly used for equipment such as piping, tanks, and fillers. CIP employs turbulent flow through piping, and/or spray balls for tanks or vessels.
The engineering design process, also known as the engineering method, is a common series of steps that engineers use in creating functional products and processes. The process is highly iterative – parts of the process often need to be repeated many times before another can be entered – though the part(s) that get iterated and the number of such cycles in any given project may vary.
Some design–build firms employ professionals from both the design and construction sector. Where the design–builder is a general contractor, the designers are typically retained directly by the contractor. Partnership or a joint venture between a design firm and a construction firm may be created on a long-term basis or for one project only.
In construction, commissioning or commissioning process (often abbreviated Cx) [1] [2] [3] is an integrated, systematic process to ensure, that all building systems perform interactively according to the "Design Intent", through documented verification. The commissioning process establishes and documents the "Owner's Project Requirements (OPR ...