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Thus the expense flow reflects the actual outflow of all direct costs.The Cash Flow is defined as the difference between the income flow and the expense flow, together with overhead (field and main office). The contractor bills the owner on work in place, and the owner pays the contractor the appropriate Progress Payments.A percentage of them is held back as incentive for the contractor to complete the contract.This is called Retainage (or retention, or escrow).Consequently, financial management is recognized as an important management function     .Since cash is regarded as a corporate resource, the importance of cash flow management is discussed chiefly at the company level.
Only part of the validated bills become progress payments.
Hence, it is not always done for all company projects.
Typically, detailed data is unavailable at the various design stages of projects and at the bidding stage.
It is compiled on the basis of cost flow by projecting costs as a function of usage time and payment method (positive or negative time lag).
Consequently, the expense flow can be defined as the cost flow, where the occurrence time of the costs is shifted according to the time lag.
As realization of the project progresses, more planning is necessary, and the availability of detailed data increases.