Step 1 :Given the data from Newton's Law of Cooling (or Heating) with $t$ in hours and $T(t)$ in degrees centigrade: $T(3)=118$ and $T^{\prime}(3)=1.4$.
Step 2 :We are asked to interpret what $T^{\prime}(3)=1.4$ indicates.
Step 3 :The derivative $T^{\prime}(3)=1.4$ represents the rate of change of the temperature with respect to time at $t=3$ hours.
Step 4 :Thus, $T^{\prime}(3)=1.4$ indicates that the temperature of the part is increasing at a rate of 1.4 degrees centigrade per hour.
Step 5 :\(\boxed{\text{Final Answer: The temperature of the part is increasing at a rate of 1.4 degrees centigrade per hour.}}\)