Organization of the Cost Breakdown Project cost breakdown will be structured in accordance with the Contract Lump Sum Price Breakdown The reported costs will address: - Original Awarded Value
- Current Awarded Contract Value
- Identification of any potential and/or actual subsequent changes to the Original Awarded Value.
- Current monthly, and cumulative cost performance
At the completion of the WORK, contractors will be required to submit a final cost distribution in accordance with the Owner’s Asset Accounting requirements. Execution Plan Cost Control organization, systems and processes will be addressed in the overall Execution Plan and shall include: - A description of the cost control plans
- A description of the way the costs being controlled including how the requirements of this procedure will be effected in each execution centre.
- A description of how the proposed method and timing for handling approved and pending Change Orders will be used to update the Current Awarded Contract Value, and the Forecast of costs at completion.
- A description of the content and format of the Cost, and Value of Work Done Reports to be produced.
- A description of how to provide close out costs in support of the capitalization requirements.
- A description of the content and format of the funding control and reporting process.
Commitments and Value Of Work Done (VOWD)The Committed Value and VOWD are calculated by reporting the quantity of work done per "cost item". In this way, progress measured in different ways, can be assessed using the common denominator of money, and consolidated for reporting purposes. The Project Controller shall also be required to report the percentage physical completion of each phase of: - Engineering
- Procurement
- Construction
- Commissioning
From this data, physical completion percentages can be calculated which, when applied to the known current contract values for elements of the work, can yield total Value of Work Done for that element of work.
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