I'm a consultant and recently been involved with an implementation of a cost control system for some Oil & Gas projects that involved heavy Value of Work Done (VOWD).
I'm very familiar with earned value and initially I thought VOWD was just another name for earned value but I've learnt that it isn't and the two techniques can both be applicable.
VOWD is Purchase Order and Commitment and based and would seem to be particularly suitable for projects with a large purchasing component.
There isn't much reference material that I can find about VOWD although I know it is used at a number of oil&gas owners and contractors.
Can anybody point to reference material for the management thoughts underlying VOWD? How do I look at a VOWD metric and determine whether it is good or bad?