Actual costs (AC) are simply the money spent for any project work accomplished.
A Bond Oversight Committee is a group of volunteers typically appointed to oversee the implementation of bond-funded projects.
A Budget Adjustment refers to a deliberate modification made in a capital project's budget.
A Budget Amount refers to the most amount of funding available to a capital projet.
A Capital Expenditure Dashboard is a highly efficient, innovative, digital tool used for monitoring and managing Capital Expenditures (CapEx) within an organization.
Change Order is an US term for an amendment to the original construction contract. A Change Order outlines changes to the scope of work, pricing, or schedule. Change Orders are common in construction projects due to unforeseen circumstances, changes in project requirements, or adjustments needed after the project has begun
Contingency refers to funds set aside in a Capital Project to cover for unexpected costs.
Cost Plus is a contract type of agreement where the project owner agrees to pay the contractor or builder all project-related costs plus an additional amount as their profit.
Earned Value is a crucial metric in capital project cost management.
Earned Value Management (EVM) is a statistical method that allows project managers to track the actual performance of the project against the planned schedule and budget.
Milestone Payment refers to a payment structure where payments are made to contractors upon the completion of predefined milestones in the contract.
Original Budget refers to the initial estimate of costs projected at the onset of a capital project or program.
Payment Claim in Construction is an Australian and European term used in the construction industry, as a formal instrument requesting payment.
A Payment Schedule or sometimes called Payment Certificate, is a formal document issued by the superintendent to a contractor in a construction project.
A Progress Certificate is a formal document issued by the superintendent or an authorized representative in a construction project, certifying the amount of payment to be made to the contractor for work completed during a specified period.
Progress Claim in Construction is an Australian and European term used in the construction industry, as a formal instrument requesting payment.
Progress Payment is a term for when the contractor is paid at intervals as work progresses rather than receiving a single payment upon completion of a milestone.
A Provisional Sum is a budget allocation within a construction contract for specific parts of the work that are not fully defined at the time the contract is signed.
A Schedule of Values (SOV) is a statement / letter provided by the general contractor to the project owner or manager, outlining the line items of the full contract amount for payments
The Security of Payment Act or commonly referred to as 'SOPA, is legislation enacted in various jurisdictions, including Australia, to ensure that contractors, subcontractors, and suppliers in the construction industry are paid promptly for the work they have performed.
'SoV' is an acronym for Schedule of Values (SOV)
Variation is predominantly an Australian and European term for 'Change Orders' (USA), referring to any change or modification to the originally agreed scope of work outlined in the contract document of a construction project.
A hierarchical decomposition of a Capital Project budget. Components of a WBS for include phases like design, procurement, construction, and commissioning,
The total expense incurred in the process of building, renovating, or carrying out construction projects
a comprehensive assessment of the expected costs involved in the construction of a project
An S-Curve is a graphical representation of project progress, costs, or other key metrics over time, characterized by its S-shaped curve