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Functional Area Definitions
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When completing the Work Experience Summary, you will be asked to provide work experience information about Functional Areas. The areas are defined below.




ACQUISITION: (1) The act of acquiring. (2) Acquisition by contract with appropriated funds of supplies or services through purchase or lease, whether the supplies or services are already in existence or must be created, developed, demonstrated and evaluated.


AUDITS: An official examination and verification of accounts.


CONSUMPTION: The process of incorporating material into an end item or otherwise using it in the performance of a documented business objective. The measurement of actual use of consumable items against planned use.


CONTRACTS AND AGREEMENTS CLOSURE: The disposal of all property and the zeroing out of all property records on a contract.


CONTROL: (1) OWNERSHIP, (2) RESPONSIBILITY AND (3) ACCOUNTABILITY: (1) One who has the legal or rightful title to property. (2) Having responsibility for actions related to property such as maintenance, control and record keeping. More general that Accountability, this is tied to being accountable to someone else for property. (3) To possess and have use of the property of another with delegated duties and responsibilities, subject to penalty in the case of default.


DISPOSITION AND RETIREMENT: The action taken to physically transfer property from one’s accountability.


ENVIRONMENTAL CONSIDERATIONS: The sum of all external conditions affecting the life, development and survival of an organism. This definition is generally interpreted as including navigable waters, surface water, ground water, drinking water supplies, land surfaces, subsurface strata and ambient air.


IDENTIFICATION: The physical marking of property or it some cases its container. To provide the means by which one or more of the following can be ascertained: ownership, classification, part, serial, contract or unique organization designation.


MAINTENANCE: The upkeep of property or equipment; to keep in an existing state; preserve from failure or decline.


MOVEMENT AND TRANSFERS: Relocation from one area to another, such as from building to building or moved to an employee’s home and property ownership remains with the organization. When changing the accountability of equipment between departments, it is still considered movement, whether the asset physically moves or not. TRANSFER – An approved and documented shift in accountability for property from one entity to another.


PHYSICAL INVENTORY: The determination of inventory quantity by actual count. Physical inventories can be taken on a continuous, periodic and annual basis.


PROPERTY ACCOUNTING: A codified set of processes for maintaining financial records for business transactions.


RECEIVING: (1) The process of equipment or materials being accepted into an organization or facility. (2) The point at which an organization’s obligation, liability and accountability begin.


RECORDS: Data providing pertinent information regarding a specific subject, such as property. Records that include information reflecting the status of property.


REPORTING: A statement of facts or figures ascertained by investigation, an account or accounting.


REQUIREMENTS PLANNING: Identifying needs for assets and materials throughout the planning process. May also refer to identifying needs for a property or asset management system to help meet organizational goals and objectives.


RISK MANAGEMENT: The practice of protecting an organization from financial harm by identifying, analyzing and controlling risk at the lowest possible cost. It has increasingly come to include aggressively managing risks to maximize an organization’s ability to profit from opportunities and increase its efficiency.


SCREENING AND EXCESSING: To review or compare property on hand against a known or anticipated requirement.


STORAGE, WAREHOUSING AND INVENTORY MANAGEMENT: The activities related to receiving, storing and shipping materials to and from production or distribution locations.


UTILIZATION: The documented use of material or an asset in the business process compared to the planned use.


VALUATION: The act of estimating the value or worth; appraisal; evaluation; as, the just valuation of property.


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