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The 16 Divisions of construction, as defined by the Construction Specifications Institute (CSI)'s MasterFormat, is the most widely used standard for organizing specifications and other written information for commercial and institutional building projects in the U.S. and Canada.
The Completed-contract method is an accounting method of work-in-progress evaluation, for recording long-term contracts. GAAP allows another method of revenue recognition for long-term construction contracts, the percentage-of-completion method. With this method, revenue is recognized when the contract is fulfilled.
Revenues and gross profit are recognized each period based on the construction progress, in other words, the percentage of completion. Construction costs plus gross profit earned to date are accumulated in an asset account (construction in process, also called construction in progress), and progress billings are accumulated in a liability account (billing on construction in process).
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.
50 Divisions refers to the 50 divisions of construction information, as defined by the Construction Specifications Institute (CSI)'s MasterFormat beginning in 2004 ...
The WBS construction technique employing the 100% rule during WBS construction. The adjacent figure shows a work breakdown structure construction technique that demonstrates the 100% rule and the "progressive elaboration" technique. At WBS Level 1 it shows 100 units of work as the total scope of a project to design and build a custom bicycle.
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