Finance

Value of work done VOWD

Value of work done

Value of work done (VOWD) Value of work done definition Value of work done (VOWD) is a project management and reporting technique for measuring the costs of a project at a specific point in time. Your value of work done…

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Variance at completion VAC

Variance at completion VAC

Variance at completion (VAC) What is variance at completion? Variance at completion or VAC is a project management and analysis tool used for projecting the different between your initial budget and the most recent budget estimate. The number which falls…

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Types of construction estimates

Types of construction estimates

Types of construction estimates The different components to the different types of construction estimates Before we dive into the types of construction estimates, it’s helpful to zoom out a little bit and summarise the types of general project management estimates.…

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Budgeted cost of work scheduled BCWS

Budgeted cost of work scheduled BCWS

Budgeted cost of work scheduled (BCWS) What is budgeted cost of work scheduled? Budgeted cost of work scheduled, also commonly shortened to BCWS, is a key project management measure and KPI which is used to understand the planned costs of…

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Budgeted cost of work performed

Budgeted cost of work performed

Budgeted cost of work performed (BCWP) What is budgeted cost of work performed? Budgeted cost of work performed (BCWP) is a very commonly used project management tool, which is more often known as and talked about as earned value. Budgeted…

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Construction cost reporting

Cost reporting in construction

Construction cost reporting: What you need to know Why is cost reporting in construction important? Construction project success is measured on a number of dimensions, including whether it’s finished on time, the safety outcomes for workers, the environmental outcomes, stakeholder…

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Cost performance index

Cost performance index

Cost performance index: What you need to know about CPI What is cost performance index (CPI)? Cost performance index is one of the key measures associated with earned value management, which is a strategy and process for calculating and understanding…

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Cost performance index formula

Cost performance index formula

Cost Performance Index Formula: Here’s the right CPI formula What is the cost performance index formula used for? Cost performance index (CPI) is one of the most important earned value management metrics, being a crucial input to many earned value…

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TCPI formula

TCPI formula – To complete performance index

TCPI Formula: To Complete Performance Index What is the ‘to complete performance index’ or TCPI? TCPI or the to complete performance index is one of the more recent additions to the project management and earned value management arsenal. While new…

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Estimate at completion formula

Budget at completion formula

Estimate at completion formula What do we use the estimate at completion formula for? Projects can be very complicated, with hundreds or thousands of moving pieces and interacting forces and parties. Not only this, but many of these forces are…

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