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Concept
Value of work done
Résumé
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. The primary purpose of determining VOWD is to get an accurate and comprehensive as possible estimate of cost for a project at a point in time. This is used in overall project management including reporting and cost control.
Unlike the earned value, which measures the value of goods and services received as a percentage of the planned value, the VOWD is not measured against the plan, but against the committed cost. Committed costs can be derived from purchase orders, contracts, approved changes, change orders and other forms of commitments. From an earned value management point of view, the VOWD is comparable to the actual cost achieved rather than the earned value. VOWD represents the full value of the work that has been achieved, at a point in time, against the commercial criteria of the commitments for that work, regardless of payment or receipt.
The main methods of calculating VOWD are as follows:
VOWD of EPC (contract) services are measured in terms of actual physical progress based on the documentary evidence of the deliverable produced. The VOWD is determined by applying the percentage of physical progress achieved to the current committed value of the cost of that item, which is in general the contract or purchase order value, including any approved changes. For services specifically, incurred hours to a point in time can be used as a basis for progress, including hours recorded and those yet to be recorded for a specific point in time, as long as they were incurred to that point in time.
The VOWD for procuring tagged equipment is usually calculated based on a milestone deliverables basis as this type of equipment and its contractual milestones and VOWD are usually closely aligned.
Source officielle
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