International Journal of Engineering and Advanced Technology (IJEAT)
ISSN: 2249 – 8958, Volume-8, Issue-2S2, January 2019
Estimation of Cash Flow from Value of Work
Done for Construction Projects in India
G Dhamodaran, K.R.Divakar Roy 
ABSTRACT--- Background/Objectives: To estimate the Cash
Flow from Value of Work Done (VoWD) for a Construction
project in Indian environment
Methods: Deducting mobilisation advance and retention
amounts from total Value of Work done completion.
Results/Findings: Can be implemented at construction
industryespecially for the process plant construction projects.
Conclusion/Application: 'Cash flow estimation every month in
part of construction progress calculation’ can be implemented in
construction industries which helps Client organization to
arrange required fund in advance
Keywords: Value of Work Done (VoWD) - a quantitative
project performance value which is calculated based on the
Earned Value Method (EVM)
I. INTRODUCTION
Cost management is one of the important aspects of
Effective project management like Scope management,
Time management, Change management, Risk management
and Communication management. Budgeting and
monitoring the budget and ensuring effective cost control
system implementation are keeping a control on the project
with which cost overrun of the project can be controlled.1 At
the same time, monitoring cash flow is critical to ensure the
seamless execution of the project throughout the entire
construction period. The budgeted cost will be spent in
distributed manner and will not be of linear. Some system
should be in place to ensure allocation of the required cost
on time. Any delay in arrangement of fund will interrupt the
construction work hence required amount should be
estimated and provided to management in advance to allow
time for sourcing2.
Construction product transportation is a physical activity
involved in the flow of things between the point of origin
and the point of consumption in order to meet requirements
of customers or corporations7. Money is important resource
like man, machine and material for any of the project which
supports day to day operation of construction execution.
Because of inadequate cash flow to support construction
many of the projects failed or delayed. Delayed fund
arrangement delays the project and on other hand early
arrangement of fund Costs Company to pay huge financing
charges3. As cash is the resource arranged by management,
it is regarded as management resource. Cash flow
management is based on controlling, updating, monitoring
and forecasting the cash flow. During the project progress,
many financial related decisions would be taken to ensure
Revised Manuscript Received on December 22, 2018.
G Dhamodaran, School of Mechanical Engineering, Department of
Mechanical Engineering, Academy of Maritime Education and Training
(Deemed to be University), Chennai.
Dr.K.R.Divakar Roy, Department of Mechanical Engineering,
Andhra University.
Retrieval Number: B10900182S219/19©BEIESP
the project completion on time. These decisions are being
taken based on the cash flow forecasts. Hence accurate cash
flow projection is important.
II. PRESENT METHOD BEING FOLLOWED IN
THE INDUSTRY
Currently the traditional method getting some gestimate
figures from the contractors and conveying the same with
some safety margin to Project Manager for funding
arrangement. Project Managers request the same with
Management and Management is arranging the same with
some financing agencies or from banks in the form for
loans. While approaching the financing institutes, the
projection given by the Project Manager is considered as the
basis and accordingly fund is released. Due to inaccurate
forecasting, either facing shortage of cash or left with
unused money4.
It flows from the client to the contractor and on to the
subcontractors and suppliers. It is beneficial for clients to
know the cash flow plan in advance, to arrange funding
sources accordingly, and ensure smooth functioning of the
project (Kenley, 2003). Similarly, accurate cash flow
forecasting is essential for the survival of any contractor at
all stages of the work.
A. Classical methods
The procedure of the classical method can be seen in any
text book of Project management. This is prepared by
tabulating periodic payments and receipts using the project
Gantt chart as basis5.
B. Mathematical methods
Many researches developed mathematical models based
on various assumptions. Khosrowshahi has proposed a
mathematical model for forecasting of project expenditure
by identifying variables associated with the physical shapes
of expenditure profiles for different types of projects. This is
suitable only for contractual negotiations.
Park, Han & Russell have attempted to estimate cash
flows by categorization of different project activities on the
basis of time lags involved between their physical
occurrences of different stages6.
Jarrah, Kulkarni &O‟Connor collected actual cash flow
data in form of monthly account summary reports for
various projects under Texas Department of Transportation.
The sample consisted of different category of projects such
as construction and replacement of bridges, new non-
freeways, road overlay and rehabilitation of existing roads,
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433 & Sciences Publication
 ESTIMATION OF CASH FLOW FROM VALUE OF WORK DONE FOR CONSTRUCTION PROJECTS IN
INDIA
landscape scenic enhancements, widening of freeways etc.
Projects were further classified in different cost ranges.
Based on the scatter chart of payments against time for
different projects in a given category, a fourth degree
polynomial regression analysis was used to obtain the cash
flow curves that turned out to be characteristic „S‟ shaped
for most of the projects.
Although statistical significance could not be proved due
to limited availability of data, a feasible approach for cash
flow prediction was established7.
He has suggested a set of new measurements and
indicators based on contract prices and financial accounts
for the proposed „contractor cash flow‟ model in line with
the „earned value‟ measurements and indicators in view of
possible integration of both systems. Wages and benefits is
an important motivators of the employees working in civil
construction companies.8
There are many more research papers by various
researchers trying to get the accurate model and are either
too ideal conditional projects or involve more calculations
which generally not being followed in many projects.
Currently there is no any standard model to estimate the
cash flow.
If the employers fails to fulfil the salary structure
company the performance level will not improve as
expected by the higher authorities.9 Functioning of a well-
established organization need the hard work of employees.
Recruitment and selection is a long-lasting one and a central
aspect of HR Management. There was lot of problems needs
to be handled by the HR department10 Labor welfare
facilities are an important tool to increase the productivity of
the employees in any organization.
Salary along will not motivate the employees, so in
addition to the company must provide some welfare benefits
to their employees11.This paper investigates the impact of
Internal Locus of Control on personal variables and job
related factors. The primary research strategy employed was
the survey strategy12. Researcher is very much interested on
emission rates to know which mode of transport if more
eco-friendly and remove logistical problems. SICAL
Logistics has recently started a new project named Coastal
RORO service as a part of their green logistics13.
III. PROPOSED METHOD TO CALCULATE CASH
FLOW FORECAST FROM VALUE OF WORK
To predict the cash flow requirements, the terminologies
and types of cash flows are to be understood to accurately
estimate the cash flow.
A. Definitions
Advanced payment
This is amount of money paid to the contractor for
mobilization purposes. Then, it is deducted from running
bill of contract progress payment. Facilitating this
mobilization advance improves the contractor cash flow
during his initial period of contract and ensures them to
mobilize completely. However this strategy to be used only
for projects which require expensive site preparatory
requirements like contractor office, contractor labor camp,
Retrieval Number: B10900182S219/19©BEIESP 434
warehouse, batching plant, fabrication shops, material
storage yard, etc.
Retention
Retention is the percent of money retained by the owner
from every invoice by deducting before making the payment
to contractor against certified invoice. This is to ensure the
performance of the work performed by the contractor to
minimum period after completion of the work. The
accumulated retention amount will be paid to the contractor
after completing the guarantee period varies from 12 months
to 24 months in Indian conditions.
Running account bills
This is amount of money equivalent to the work
performed by the contractor which will be as per the
contractual provisions of the contract. Rate for the every
activity will be defined in the contract along with the
quantity to be executed. Upon completion of certain quantity
from the Bill of Quantities, for every month contractor will
raise the invoice against the certification. After receipt of the
invoice this will be certified and will be paid in next month.
B. Major Terminologies
Contract
Contract shall mean the agreement between Company and
Contractor as set out in Scope of Works document,
Completion Schedule, Contract Price or Contract Value,
General and Special conditions all as may, from time to
time, be supplemented or otherwise modified in accordance
with applicable provisions
Contract Value
Contract Value shall mean total Contract Price payable by
Company to the Contractor for rendering the service in
accordance with the agreed price schedule.
Contract Schedule or Schedule
Schedule shall mean the time schedule for performing
Contract services and will be changed from time to time if
required.
C. Estimating the Cash Flow from VOWD
Mobilization advance
This is the amount to be given to the Contractor for his
mobilization expenses. Contractor is required to establish
his office, warehouse, labor camp, fabrication shop, storage
yards, testing laboratories etc. To set up these infrastructure
facilities, Contractor requires certain amount which is
generally in India it varies from 10 to 15 % and mostly it is
of 10% of the contract value.
This will be paid generally in the 1st month. Accordingly
Cash Out can be expressed as a step function as below.
CO=10% of Contract Value for the first month
COi=MA X CV if i=1 (1)
Where,
COi=Cash Out for ith month
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 International Journal of Engineering and Advanced Technology (IJEAT)
ISSN: 2249 – 8958, Volume-8, Issue-2S2, January 2019

CV=Contract Value man-hours are individual weightage for each of the activity.
MA=Mobilization Advance in % These productivity norms are majorly depends on
i=Month technologies involved, machineries employed etc. The
tabulated productivity norms are generally being followed in
Progressive payments
India.
Total Contract Value will be paid to the contractor with
respect their progress. After completing the work in every Table-1: Total Bill of Quantities and their weightages
month, Contractor periodically every month he raises S
Unit
Total Man-
Effort
Activity Scope UoM Man- Weightag
invoice based on the joint measurement sheet with field No
hour
hour
e
engineers. This invoice will be settled within some 1 Concreting 12000 CUM 75 900000 40%
stipulated time which will be generally 30 days in Indian 2 Structural Steel Fabrication 4000 MT 120 480000 22%
conditions. From this certified amount, the percent of 3 Structural Steel Erection 4000 MT 95 380000 17%
mobilization advance paid on 1st month will be deducted
4 Piping Fabrication 12000 ID 3.5 42000 2%
proportionate to be percent of Mobilization advance paid.
5 Piping Erection 35000 IM 4.5 157500 7%
COi=MA X CV if M=1 6 Equipment Erection 4500 Mt 50 225000 10%
= [∑ (Pij X CRj)]X (1-MA)if 1<M<n (2) 8 Electrical Cable Laying 1500 MTR 1 1500 0%

Where, 9 Instrumentation Cable Laying 3000 MTR 1 3000 0%

COi=Cash Out for ith month 10 Painting 14000 SQ.MTR 3 42000 2%

Pij=Activity wise Physical progress certification for ith 2231000 100.0%

month
CRj=Contract Rate for respective activity The weightages above are calculated based on the effort
MA=Mobilization Advance in percentage of Contract required to complete each of the activity. Each activity in
Value the Bill of Quantities are measured in different unit of
i=Month measurement (UOM) and it is necessary to convert them
n=Project Duration excluding Performance guarantee into one measurement entity. Only man-hour effort or the
period money to be spent can substitute this requirement.
Further, this Cash Out to be adjusted with retention These above calculated weightages are useful for progress
amount. calculation and for the each of the activity there will be
Retention Amount defined rates in Contract. These rates can be used to arrive
the cost weightage for the each activity to be carried out for
The portion of amount which is retained by client to the project which will be used for estimating the cash flow
ensure the performance of the facility which was built by the and other financial decisions.
contractor. Upon end of performance period, this entire
amount will be released to the Contractor. B. Cash Out estimation based on the progress with cost
Accordingly the Cash Out can be estimated as below weightage
COi =MA X CV if M=1 The cost weightage is depends on the quantum of each
= [∑ (Pij X CRj)]X (1-MA) X [1/ (1-R)] if 1<M<n activity and its respective contractual rate as effort based
= R XCV if M=m (3) weightage depending on quantum of the work and its
respective productivity norms. Accordingly, we can tabulate
Where, the above table to arrive to the cost weightage.
COi=Cash Out for ith month
Pij=Activity wise Physical progress certification for ith Table-2: Total Bill of Quantities and their weightages
month Cost
S
CRj=Contract Rate for respective activity No
Activity Scope UoM Unit Rate Contract Value Weightag
e
MA=Mobilization Advance
1 Concreting 12000 CUM 12000 144000000 38.92%
i=Month
2 Structural Steel Fabrication 4000 MT 20000 80000000 21.62%
n=Project Duration excluding Performance guarantee
period 3 Structural Steel Erection 4000 MT 15000 60000000 16.22%

R-Retention Amount in % of Contract Value 4 Piping Fabrication 12000 ID 1000 12000000 3.24%

m= 1st month after completion of performance guarantee 5 Piping Erection 35000 IM 500 17500000 4.73%

period 6 Equipment Erection 4500 Mt 12000 54000000 14.60%

8 Electrical Cable Laying 1500 MTR 200 300000 0.08%

IV. ESTIMATING CASH FLOW FOR A SAMPLE
Instrumentation Cable
PROJECT & RESULTS 9
Laying
3000 MTR 250 750000 0.20%

10 Painting 14000 SQ.MTR 100 1400000 0.38%

A. Cash Out estimation based on the progress with effort
369950000 100%
earned weightage
This can be seen from a small example and we can
forecast the Cash Out. The efforts required for each of the
activity are tabulated and the contribution to overall project

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Blue Eyes Intelligence Engineering
Retrieval Number: B10900182S219/19©BEIESP 435 & Sciences Publication
 ESTIMATION OF CASH FLOW FROM VALUE OF WORK DONE FOR CONSTRUCTION PROJECTS IN
INDIA
The rates tabulated above are indicative and not as per D. Comparison between plan and actual values of effort
any real Contract. But the rates are approximately similar to based estimation and Contractual rate based
the rates given in Contracts issued in India. estimation
C. Comparison between plan and actual values of effort The actual cash flow will be only based on the cost and
based estimation and Contractual rate based not based on the effort based progress. Hence, the cash out
estimation to be estimated based on the cost weightages. To derive this
the progress calculations, the bill of quantities considered in
We consider one plan and actual scenario for the sample
the Contract needs to be used for estimating the progress.
data and we can compare the values. The table below shows
Plan and actual values of the bill of quantities. The planned Table-5:Plan and Actual values of progress with cost
quantities are planned while planning for the project and the weightages
actual quantities are estimated at end of every month or Percentage of Invoicing Planned and Actual
Contract Cost Plan /
week as agreed with the management. Forecasting of the S No Activity Scope UoM Unit Rate
Value Weigtage Actual
M1 M2 M3 M4 M5 M6 M7 M8 M9 M10 M11 M12 M13 M14

quantities can be done at the end of every period. 1 Concreting 12000 CUM 12000 144000000 38.92%
Plan
Actual
500.00 1000.00 2000.00 2000.00 2000.00 2000.00 2000.00 500.00
300.00 800.00 1000.00 1500.00 1500.00 1500.00 2000.00 2000.00 1400.00
Structural Steel Plan 500.00 500.00 1000.00 1000.00 1000.00
2 4000 MT 20000 80000000 21.62%
Table-3: Plan and Actual values of progress with effort Fabrication
Structureal Steel
Actual
Plan
500.00 500.00 500.00 500.00 1000.00 1000.00
500.00 500.00 1000.00 1000.00 1000.00
3 4000 MT 15000 60000000 16.22%
weightages Erection Actual
Plan
500.00 500.00 500.00 500.00 1000.00 1000.00
3000.00 3000.00 3000.00 3000.00
4 Piping Fabrication 12000 ID 1000 12000000 3.24%
Actual 2000.00 2000.00 2000.00 2000.00 2000.00 2000.00
Total Percentage of Value of Work Planned and Value of Work Done Plan 5000.00 8000.00 8000.00 8000.00 6000.00
Unit Man- 5 Piping Erection 35000 IM 500 17500000 4.73%
S No Activity Scope UoM Man- Weigtage Remark Actual 5000.00 5000.00 5000.00 5000.00 5000.00 5000.00 5000.00
hour
hour M1 M2 M3 M4 M5 M6 M7 M8 M9 M10 M11 M12 M13 M14 Plan 500.00 1000.00 1000.00 1000.00 1000.00
6 Equipment Erection 4500 Mt 12000 54000000 14.60%
Plan 500.00 1000.00 2000.00 2000.00 2000.00 2000.00 2000.00 500.00 Actual 800.00 800.00 800.00 800.00 800.00 500.00
1 Concreting 12000 CUM 75 900000 40%
Actual 300.00 800.00 1000.00 1500.00 1500.00 1500.00 2000.00 2000.00 1400.00 Plan 500.00 500.00 500.00
Electrical Cable
Structural Steel Plan 500.00 500.00 1000.00 1000.00 1000.00 8 1500 MTR 200 300000 0.08%
2 4000 MT 120 480000 22% Laying Actual 500.00 500.00 500.00
Fabrication Actual 500.00 500.00 500.00 500.00 1000.00 1000.00
Structureal Steel Plan 500.00 500.00 1000.00 1000.00 1000.00 Instrumentation Plan 1000.00 1000.00 1000.00
3 4000 MT 95 380000 17% 9 3000 MTR 250 750000 0.20%
Erection Actual 500.00 500.00 500.00 500.00 1000.00 1000.00 Cable Laying Actual 1000.00 1000.00 1000.00
Plan 3000.00 3000.00 3000.00 3000.00 Plan 2000.00 5000.00 5000.00 2000.00
4 Piping Fabrication 12000 ID 3.5 42000 2% 10 Painting 14000 SQ.MTR 100 1400000 0.38%
Actual 2000.00 2000.00 2000.00 2000.00 2000.00 2000.00 Actual 3000.00 4000.00 4000.00 3000.00
Plan 5000.00 8000.00 8000.00 8000.00 6000.00
5 Piping Erection 35000 IM 4.5 157500 7% 369950000
Actual 5000.00 5000.00 5000.00 5000.00 5000.00 5000.00 5000.00
Plan 500.00 1000.00 1000.00 1000.00 1000.00
6 Equipment Erection 4500 Mt 50 225000 10%
Actual 800.00 800.00 800.00 800.00 800.00 500.00

8
Electrical Cable
Laying
1500 MTR 1 1500 0%
Plan 500.00 500.00 500.00 We can recalculate the Cash Out values based on the cost
Actual 500.00 500.00 500.00

9
Instrumentation
Cable Laying
3000 MTR 1 3000 0%
Plan
Actual
1000.00 1000.00 1000.00
1000.00 1000.00 1000.00
weightages as below
Plan 2000.00 5000.00 5000.00 2000.00
10 Painting 14000 SQ.MTR 3 42000 2%
Actual 3000.00 4000.00 4000.00 3000.00
2231000 100.0% Tabe-6:Cash Flow out percentages based on effort based
weightage
The estimated Cash Out are as below. First two rows are
plan and actual values from progress values considering Plan/Actual
Plan
Considerations
Cash Flow with Mob Adv
M1
10.00%
M2
3.89%
M3 M4 M5
7.18% 13.26% 17.15% 18.98% 14.13%
M6 M7 M8
9.82%
M9
5.24%
M10
0.18%
M11
0.12%
M12
0.05%
M13
0.00%
M14
0.00%
mobilisation advances. Second two rows are values of Actual Cash Flow with Mob Adv 10.00% 3.31% 6.59% 7.66% 12.07% 14.50% 16.32% 12.92% 9.29% 6.31% 0.79% 0.16% 0.07% 0.00%
Plan PG Retention 0.43% 0.80% 1.47% 1.91% 2.11% 1.57% 1.09% 0.58% 0.02% 0.01% 0.01% 0.00% 0.00%
performance guarantee amount pro-rated to all balance Actual PG Retention 0.37% 0.73% 0.85% 1.34% 1.61% 1.81% 1.44% 1.03% 0.70% 0.09% 0.02% 0.01% 0.00%
Plan CF with Mob Adv& PG 10.00% 3.46% 6.38% 11.79% 15.25% 16.87% 12.56% 8.73% 4.66% 0.16% 0.11% 0.04% 0.00% 0.00%
months till project completion and this will be released after Actual CF with Mob Adv& PG 10.00% 2.94% 5.86% 6.81% 10.73% 12.89% 14.51% 11.48% 8.26% 5.61% 0.70% 0.14% 0.06% 0.00%

completion of performance guarantee period. Third two Cum Plan

Cum Actual
Cash Flow Final Plan
Cash Flow Final Actual
0.10
0.10
0.13
0.13
0.20
0.19
0.32
0.26
0.47
0.36
0.64
0.49
0.76
0.64
0.85
0.75
0.90
0.83
0.90
0.89
0.90
0.90
0.90
0.90
0.90
0.90
0.90
0.90
rows are by making the adjustments of performance
guarantee from the previously mobilisation adjusted From these comparison, the weightages are nearly similar
derivative and every time whenever we forecast the quantities, the cash
out also can be easily estimated based on the equations
Table-4: Cash Flow out percentages based on effort
indicated above.
based weightage
These above results being represented graphically as
Plan/Actual Considerations M1 M2 M3 M4 M5 M6 M7 M8 M9 M10 M11 M12 M13 M14 below for the Contract rate based plan and actual values of
Plan Cash Flow with Mob Adv 10.00% 3.93% 7.36% 13.23% 17.06% 18.62% 13.80% 9.58% 4.92% 0.65% 0.61% 0.24% 0.00% 0.00%
Actual Cash Flow with Mob Adv 10.00% 3.33% 6.76% 7.64% 11.68% 14.10% 16.02% 12.69% 8.87% 6.58% 1.45% 0.52% 0.36% 0.00% Value of Work Done (calculated based on rate) and the Cash
Plan PG Retention 0.44% 0.82% 1.47% 1.90% 2.07% 1.53% 1.06% 0.55% 0.07% 0.07% 0.03% 0.00% 0.00%
Actual PG Retention 0.37% 0.75% 0.85% 1.30% 1.57% 1.78% 1.41% 0.99% 0.73% 0.16% 0.06% 0.04% 0.00%
Flow.
Plan CF with Mob Adv& PG 10.00% 3.50% 6.54% 11.76% 15.17% 16.55% 12.26% 8.52% 4.37% 0.57% 0.54% 0.22% 0.00% 0.00%
Actual CF with Mob Adv& PG 10.00% 2.96% 6.01% 6.80% 10.38% 12.53% 14.24% 11.28% 7.89% 5.84% 1.29% 0.47% 0.32% 0.00%
Cum Plan Cash Flow Final Plan 0.10 0.13 0.20 0.32 0.47 0.64 0.76 0.84 0.89 0.89 0.90 0.90 0.90 0.90
Cum Actual Cash Flow Final Actual 0.10 0.13 0.19 0.26 0.36 0.49 0.63 0.74 0.82 0.88 0.89 0.90 0.90 0.90

These above results can be plotted in the following graph

which shows plan and actual values of the Value of Work
Done and the Cash Flow estimated. Planned and actual cash
flow are shown in step graphs and the planned& actual
values are shown in S-curve.

From these two graphs the estimated cash out can be

estimated. This estimation to be regularly calculated and to
be projected to the management depends on the forecast
which will help him in estimating.

Published By:
Blue Eyes Intelligence Engineering
Retrieval Number: B10900182S219/19©BEIESP 436 & Sciences Publication
 International Journal of Engineering and Advanced Technology (IJEAT)
ISSN: 2249 – 8958, Volume-8, Issue-2S2, January 2019

V. CONCLUSION Journal of Mechanical Engineering and Technology,

Volume 18 Issue 7, pp 1095-1102. 2017.
As this reduces lot of man-hour efforts and time this
method can be encouraged for many of the construction
AUTHORS PROFILE
projects. Also this helps in forecasting accurate cash flow
G Dhamodaran received his Bachelor Engineering in
and supports management in arranging the cash required in Mechanical Engineering from Bharathiar University
advance. Change Orders arises out of change in scope are to Coimbatore and Master Engineering in Manufacturing
be added to the Contract Value after approval and the same Technology from PRIST University, Tanjavur since 1997
and 2011 respectively. He is currently a PhD Student in
procedure will be followed while dealing with these AMET University, Chennai. His research interest is in
approved Change Orders. Construction Project Progress Monitoring and Measurement.
Further the method explained above can be extended to
other pre-construction activities like, engineering, ordering, Dr KR Divakar Roy received his Bachelor Engineering
in Mechanical Engineering from Andhra University,
manufacturing, delivery etc. The entire estimation is not
Visakaphatnam and Master Engineering in Industrial
taking care of the taxation part and is to be added before Engineering from Andhra University, Visakaphatnam
projecting to the management. since 1974 and 1985 respectively. He received his PhD in
2009 from Andhra University for his research topic “Growth Strategies for
an integrated steel- A System Dynamics Approach. Published many
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