|
Value Of Work Done
{{Multiple issues, {{One source, date=January 2014 {{Technical, date=January 2014 The value of work done (VOWD) is a project management technique for measuring and estimating the project cost at a point in time. It is mainly used in project environments of the Petroleum industry and is defined as the value of goods and services progressed, regardless of whether or not they have been paid for or received. The primary purpose of determining VOWD is to get an accurate and comprehensive as possible estimate of cost for a project at a point in time. This is used in overall project management including reporting and cost control. Introduction 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. Committed costs can be derived from purchase orders, contracts, approved changes, change orders and other forms of commitments. From an earned value mana ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Project Management
Project management is the process of leading the work of a team to achieve all project goals within the given constraints. This information is usually described in project documentation, created at the beginning of the development process. The primary constraints are scope, time, and budget. The secondary challenge is to optimize the allocation of necessary inputs and apply them to meet pre-defined objectives. The objective of project management is to produce a complete project which complies with the client's objectives. In many cases, the objective of project management is also to shape or reform the client's brief to feasibly address the client's objectives. Once the client's objectives are clearly established, they should influence all decisions made by other people involved in the project – for example, project managers, designers, contractors, and subcontractors. Ill-defined or too tightly prescribed project management objectives are detrimental to decision-maki ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Petroleum Industry
The petroleum industry, also known as the oil industry or the oil patch, includes the global processes of exploration, extraction, refining, transportation (often by oil tankers and pipelines), and marketing of petroleum products. The largest volume products of the industry are fuel oil and gasoline (petrol). Petroleum is also the raw material for many chemical products, including pharmaceuticals, solvents, fertilizers, pesticides, synthetic fragrances, and plastics. The industry is usually divided into three major components: upstream, midstream, and downstream. Upstream regards exploration and extraction of crude oil, midstream encompasses transportation and storage of crude, and downstream concerns refining crude oil into various end products. Petroleum is vital to many industries, and is necessary for the maintenance of industrial civilization in its current configuration, making it a critical concern for many nations. Oil accounts for a large percentage of the wor ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Earned Value Management
Earned value management (EVM), earned value project management, or earned value performance management (EVPM) is a project management technique for measuring project performance and progress in an objective manner. Overview Earned value management is a project management technique for measuring project performance and progress. It has the ability to combine measurements of the project management triangle: scope, time, and costs. In a single integrated system, earned value management is able to provide accurate forecasts of project performance problems, which is an important contribution for project management. Early EVM research showed that the areas of planning and control are significantly impacted by its use; and similarly, using the methodology improves both scope definition as well as the analysis of overall project performance. More recent research studies have shown that the principles of EVM are positive predictors of project success. Popularity of EVM has grown in re ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
EPC (contract)
EPC may refer to: Government and politics * Eastern Provincial Council, in Sri Lanka * European Policy Centre, a Belgian think tank * European Political Community (1952), a former political organization proposed in 1952 * European Political Community (2022), a new initiative pioneered by Emmanuel Macron * European Political Cooperation, a form of European Union foreign policy coordination Law * Equal Protection Clause, of the Fourteenth Amendment to the United States Constitution * European Patent Convention, a multilateral treaty based on which European patents are granted Science and technology * Asus Eee PC, a line of netbook computers * Early Prostate Cancer programme, a clinical programme of bicalutamide monotherapy for prostate cancer *Electronic Parts Catalogue * Electronic Product Code * Endothelial progenitor cell * Energy Performance Certificate * × ''Epicattleya'', an orchid genus * Evolved Packet Core, part of the System Architecture Evolution, in telecommuni ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Deliverable
A deliverable is a tangible or intangible good or service produced as a result of a project that is intended to be delivered to a customer (either internal or external). A deliverable could be a report, a document, a software product, a server upgrade or any other building block of an overall project.Cutting, Thomas.Deliverable-based Project Schedules: Part 1. PMHut.com (Last accessed 8 November 2009). A deliverable may be composed of multiple smaller deliverables. It may be either an outcome to be achieved (as in "The corporation says that becoming profitable this year is a deliverable") or an output to be provided (as in "The deliverable for the completed project consists of a special-purpose electronic device and its controlling software"). Some deliverables are dependent on other deliverables being completed first; this is common in projects with multiple successive milestones. In this way many time-savings are possible, shortening greatly the whole project final supply term. T ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Construction
Construction is a general term meaning the art and science to form objects, systems, or organizations,"Construction" def. 1.a. 1.b. and 1.c. ''Oxford English Dictionary'' Second Edition on CD-ROM (v. 4.0) Oxford University Press 2009 and comes from Latin ''constructio'' (from ''com-'' "together" and ''struere'' "to pile up") and Old French ''construction''. To construct is the verb: the act of building, and the noun is construction: how something is built, the nature of its structure. In its most widely used context, construction covers the processes involved in delivering buildings, infrastructure, industrial facilities and associated activities through to the end of their life. It typically starts with planning, financing, and design, and continues until the asset is built and ready for use; construction also covers repairs and maintenance work, any works to expand, extend and improve the asset, and its eventual demolition, dismantling or decommissioning. The constructio ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
