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Frequently, an incentive is included for the supplier to give a realistic price and to minimize the costs during the project. Typically, the mechanism for such an incentive is that the supplier gets a bonus or penalty calculated as a percentage of the difference between the real cost of the project and an estimate provided up front.
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.
An invoice, bill, tab, or bill of costs is a commercial document that includes an itemized list of goods or services furnished by a seller to a buyer relating to a sale transaction, that usually specifies the price and terms of sale., quantities, and agreed-upon prices and terms of sale for products or services the seller had provided the buyer.
To illustrate the difference between the three terms, assume that a schedule contains a task "Test hardware" estimated to run from 1 January to 10 January and to cost $1000, and that this is a simple effort with no overhead or allocated costs. However on 5 January, halfway through the time allowed, the work is 30% complete and has spent $250.
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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 ...
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