V

  1. Valid Allocation - A valid allocation for a project is one that has been generated by the Skeleton (Budget Creation). Variation Distribution Systems for that project must already exist in an authorised allocations listing.

  2. Valuation- A process which involves determining the worth of a company’s assets.

  3. Value

  4. Value for Adjustment

  5. Variance - The difference between the budgeted cost and the actual cost. An positive variance is when the actual cost exceeds the planned cost; while a favourable variance is when the actual cost is cheaper than the planned cost. The difference between Budget (9840) and Projected Cost (9820).

  6. Variation - Muli use the limited definition of change in Scope of Works or contract documents between the contractor and his client. (An amendment records the same change between the contractor and his subcontractors/suppliers).

  7. Variation Ref
    The Head Contract Variation number includes the cost recovery of the Risk item, if NA then there is no basis for Head Contract cost recovery.

  8. Variation Reason 251

  9. Variation Status 252

  10. VAT- An abbreviation for “Value Added Tax” – GST in Australia.

  11. View

  12. View Project Roles HRB - Provides access to a report listing the roles the individual has been allocated on the projects scattered throughout the organisation.

  13. Voucher Number/Folio Number - System generated number that is applied to each transaction in numerical order to act as the sequence by which all transactions are filed and the cross reference given for data search.