Pick up the correct statement from the following:

• The estimated value of the work excluding the amount for contigencies, 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
• The order of a competent authority sanctioning a properly detailed estimate of the cost of a work of construction or repair is called technical sanction
• All the above.