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Z94.4 - Cost Engineering & Project Management

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VALUATION OR APPRAISAL. The art of estimating the fair-exchange value of specific properties.

VALUE,  ACTIVITY. That portion of the contract price which represents a fair value for the part of the work identified by that activity.

VALUE ADDED BY DISTRIBUTION. The portion of the value of a product or service to the consumer or user which results from distribution activities. This value includes such components as time utility and place utility.

VALUE ADDED BY MARKETING. That portion of the value of a product or service to the consumer or user which results from marketing activities. This value includes such components as price reduction through economies of scale and buyer awareness of more desirable innovations in products or services.

VALUE OF WORK PERFORMED TO DATE. The planned cost for completed work.

VALUE EFFECTIVE. Generally used to describe decisions which have a cost impact; value-effective decisions tend to optimize the value received for the decision made and to maximize return on investments.

VALUE ENGINEERING. A practice function targeted at the design itself, which has as its objective the development of design of a facility or item that will yield least life-cycle costs or provide greatest value while satisfying all performance and other criteria established for it.

VALUE ENGINEERING COST AVOIDANCE. A decrease in the estimated overall cost for accomplishing a function.

VALUE ENGINEERING COST REDUCTION. A decrease in the committed established overall cost for accomplishing a function.

VALUE ENGINEERING JOB PLAN. An aid to problem recognition, definition, and solution. It is a formal, step-by-step procedure followed in carrying out a value engineering study.

VARIABLE COSTS. Those costs that are a function of production, eg, raw materials coats, by-product credits, and those processing costs that vary with plant output (such as utilities, catalysts and chemical, packaging, and labor for batch operations).

VARIANCE. An cost control, the difference between actual cost or forecast budget cost.

VARIATION IN ESTIMATED QUANTITY.  The difference between the quantity estimated in the bid schedule and the quantity actually required to complete the bid item. Negotiation or adjustment for variations are generally called for when an increase or decrease exceeds 15 percent.

VENTURE LIFE.  The total time span during which expenditures and/or reimbursements related to the venture occur. Venture life may include the research and development, construction, production and liquidation periods. (See FINANCIAL LIFE.)

VENTURE WORTH. Present worth of cash flows above an acceptable minimum rate, discounted at the average rate of earnings.

VERTICAL EVENT NUMBERING. Assigning event numbers in vertical order.

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