![]() 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 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''. VOWD of EPC (contract) services are measured in terms of actual physical progress based on the documentary evidence of the deliverable produced. VOWD for engineering, procurement and construction (EPC) services The main methods of calculating VOWD are as follows: 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. From an earned value management point of view, the VOWD is comparable to the actual cost achieved rather than the earned value. Committed costs can be derived from purchase orders, contracts, approved changes, change orders and other forms of commitments. 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. 1.4 VOWD for procured non regular bulk materials.1.3 VOWD for procured regular bulk materials.1.1 VOWD for engineering, procurement and construction (EPC) services.
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