Definitions for "Full time equivalent"
The equivalent of one person working full time for one year (2000 worker hours per year). For example two persons working half time count as one FTE.
The percentage of full-time employment shown as a decimal. For example, a person appointed to work 20 hours per week, or at 50%, would be shown as 0.5 FTE.
FTEs measure the number of equivalent students enrolled if all students (full- and part-time) were to take a "normal" course load. For undergraduate students, a normal course load is the load required to complete a full degree, normally the equivalent of four winter sessions, and is therefore determined by a given program and year level. The figures used in this plan are annualized.
Keywords:  workweek, sunk, salary, assuming, costs
The person's cost to the organization including salary and "sunk costs" assuming a full time workweek.