Contract Value of Work Done - EcoSys - 2.04 - Help - Hexagon PPM

EcoSys Contracts Help (2.04)

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EcoSys
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EcoSys Standard Version
2.04

Value of Work Done (VOWD) is used to generate project performance data in EcoSys for a selected Contract and a specific Project Period. First, a Progress Method is established for each Contract Line Item. This method determines whether a percent complete is entered or calculated. VOWD is calculated by applying the percent complete to the Current Contract Budget. The calculation of the final percent complete and other progress metrics is completed during the Generate VOWD action. This process may be run repeatedly during a period to generate the expected results.

VOWD is generated incrementally.

Example

A Contract Line has a budgeted value of $100, and a percent complete in January of 25%.  An EV line item will be generated in January for $25.  In February, the percent complete increases to 50%. The total expected VOWD is $50. Since $25 already exists in January, the remaining $25 will be generated in February.

Once VOWD data has been generated, the percent complete, earned hours and cost, as well as performance factors may be viewed in reports and dashboards.

The following are the progress methods available:

  • Actual Costs - Actual Costs will be divided by the Current Contract Budget established for the Contract Line Item.

  • Actual Hours - Actual Hours will be divided by the Current Contract Hours established for the Contract Line Item.

  • Installed Quantities - A series of quantities must be established in the Installed Quantities tab. Actual quantities must be recorded against each line item.

  • Physical % Complete - The percent complete is provided by an external source and is directly entered into EcoSys. The Physical % Complete column is only editable when this method is selected.

  • Weighted Milestones - A series of milestones must be established in the Weighted Milestones tab. Progress must be recorded against each milestone. This progress will roll up to the assigned WBS element based upon the milestone weight.

Progress methods utilizing time-specific data will leverage the selected project period. For example, the "Actual Costs" and "Actual Hours" progress methods will only apply data through the selected period, regardless of the presence of data in later periods.

The Contract Progress screen allows a user to see the progress of the contracts at a certain contract period. User can see the budget hours, quantity and budget costs. The user is also able to select the progress method for each contract. Physical % Complete, Preview % Complete, and % Complete are all shown in the top panel. This screen allows for the generation VOWD for each contract. Using the parameter on the green bar, the user can switch from one contract to another and change the contract period. In this screen, the user is also able to click on the Contact Line ID and add Weighted Milestones and Installed Quantities.