The estimated value of the work excluding the amount for contingencies, work charged establishment, tool and plants, is called work value
                         
                    
                    
                                                                                
                            
                                
                            
                            
                                
                            
                            
                                
                            
                            The actual expenditure involved to complete a work including incidental, establishment and travelling charges, is called actual cost
                         
                    
                    
                                                                                
                            
                                
                            
                            
                                
                            
                            
                                
                            
                            The formal acceptance by the administrative department for incurring an expenditure on the work, is called administrative approval