Archives: Glossary

Acronym for: Architecture, Engineering and Construction Definition: The fields of architecture, building engineering, civil engineering and construction trades collectively referred to as the “Architecture, Engineering and Construction” sector. The term is not an industry standard, but was used extensively by Autodesk and unofficially adopted by…

Acronym for: BIM Execution Plan Definition: A BIM Execution Plan is a plan that outlines all BIM standards, procedures and decisions, as well as their evolution in a project. It is the equivalent of a Project Plan or Project Management Plan, but in the strict…

Acronym for: Building Information Modeling Definition: “A process supported by various tools, technologies and contracts involving the generation and management of digital representations of physical and functional characteristics of places.” [Source: Wikipedia] Also known as: N/A

Acronym for: Compound annual growth rate Definition: “The rate of return that would be required for an investment to grow from its beginning balance to its ending balance, assuming the profits were reinvested at the end of each year of the investment’s life span.” [Source: Investopedia] Also…

Acronym for: Project Management Institute Definition: “The Project Management Institute (PMI) is a U.S.-based not-for-profit professional organization for project management.” [Source: Wikipedia] Also known as: N/A

Acronym for: Virtual Design and Construction Definition: The management of integrated multi-disciplinary performance models of design-construction projects, including the product (i.e., facilities), work processes and organization of the design – construction – operation team in order to support explicit and public business objectives. [Source: Wikipedia]…