Actual costs (AC) are simply the money spent for any project work accomplished.
Budget at Completion (BAC) is a project management term that refers to the total budgeted cost of a project.
A Bond Oversight Committee is a group of volunteers typically appointed to oversee the implementation of bond-funded projects.
A US term for a formal document used to modify the original terms of a construction contract
A Construction Estimate is a detailed approximation of the costs associated with a construction project.
Contingency refers to funds set aside in a Capital Project to cover for unexpected costs.
A Cost Code is a unique identifier used in construction and project management to categorize and track project expenses.
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.
Estimate to Complete (ETC) is a project management metric used to predict the additional cost required to complete the remaining work of a project.
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.
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,
A hierarchical decomposition of a Capital Project budget. Components of a Work Breakdown Structure 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
