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The value of work done (VOWD) is a project management technique for measuring and estimating the project cost at a point in time. It is mainly used in project environments of the Petroleum industry and is defined as the value of goods and services progressed, regardless of whether or not they have been paid for or received.
A Allocation of costs is the transfer of costs from one cost item to one or more other cost items. Allowance - a value in an estimate to cover the cost of known but not yet fully defined work. As-sold estimate - the estimate which matches the agreed items and price for the project scope. B Basis of estimate (BOE) - a document which describes the scope basis, pricing basis, methods ...
A pivot table in BOEMax, a Basis of Estimate software package. To create a BOE companies, throughout the past few decades, have used spreadsheet programs and skilled cost analysts to enter thousands of lines of data and create complex algorithms to calculate the costs. These positions require a high level of skill to ensure accuracy and ...
Lapping is a machining process in which two surfaces are rubbed together with an abrasive between them, by hand movement or using a machine. Lapping often follows other subtractive processes with more aggressive material removal as a first step, such as milling and/or grinding .
The estimate is prepared by first breaking the work content of the job into elements, and then utilising the experience of the estimator (normally a craftsman) the time for each element of work is estimated – at standard performance. These estimated basic minutes are totalled to give a total job time, in basic minutes.
The Hudson Formula derives from Hudson's Building and Engineering Contracts and is used for the assessment of delay damages in construction claims.. The formula is: (Head Office overheads + profit percentage) ÷ 100 x contract sum ÷ period in weeks x delay in weeks
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The AIA and GSA agreed on a system and named it UNIFORMAT. The AIA included it in their practice on construction management, and the GSA included it in their project estimating requirements. In 1989, ASTM International began developing a standard for classifying building elements, based on UNIFORMAT. It was renamed to UNIFORMAT II. [2]
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