Value of Work Done
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Please note that the content of this book primarily consists of articles available from Wikipedia or other free sources online. Value of Work Done (VOWD) is a project management technique for measuring project cost. It is mainly used in project environments of the Petroleum industry and is defined as the value of goods and services received, regardless of whether or not they have been paid for. 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 Forecast. From an Earned...
Please note that the content of this book primarily consists of articles available from Wikipedia or other free sources online. Value of Work Done (VOWD) is a project management technique for measuring project cost. It is mainly used in project environments of the Petroleum industry and is defined as the value of goods and services received, regardless of whether or not they have been paid for. 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 Forecast. From an Earned Value Management point of view, the VOWD is comparable to the Actual Cost rather than the Earned Value. 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 estimated value of the cost of that item, which is in general the contract value, including any approved changes.
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