Table of Contents
- Schedule of Values Ideas and Examples
- Schedule of Values Instruction Sheet Ideas and Examples
- Construction Schedule of Values Ideas and Examples
- Project Schedule of Values Ideas and Examples
- Subcontractor Schedule of Values Ideas and Examples
- Residential Schedule of Values Ideas and Examples
- Contracts Schedule of Values Ideas and Examples
- Small Schedule of Values Ideas and Examples
- General Schedule of Values Ideas and Examples
- Blank Schedule of Values Ideas and Examples
- Cost Schedule of Values Ideas and Examples
- Schedule of Values Ideas FAQs
Schedule of Values Ideas
A schedule of values, or SOV for short, refers to a detailed document in construction that highlights the billable work items involved in a project. This type of form required by the American Institute of Architects (AIA) for early construction project stages has several potential functions, and you can easily excel in familiarizing each purpose according to the popular schedule of values ideas.
Schedule of Values Ideas and Examples
Kick things off with an easy-to-make schedule of values for any type of project may it be related to school, office, or construction projects. All types of industries in need of tallying a project’s work items and designated costs can benefit from an SOV.
Schedule of Values Instruction Sheet Ideas and Examples
Refer to a schedule of values instruction sheet on how to formulate the cost item breakdown even without professional help. This document shows you the standard requirements, format, design, labels, and instructions for delivering a proper schedule of values. Also, the SOV instruction sheet is customizable for you to edit the labels of a tabular chart such as the item number, work item, scheduled cost, etc.
Construction Schedule of Values Ideas and Examples
You can’t go wrong with a construction schedule of values since the SOV is mainly used for construction projects in the first place. Any construction work such as a Proforma product installation, panel restoration, bathroom remodeling, plumbing service, electrical system service, and engineering service must be valued and tallied under an SOV. You can follow the AIA’s SOV format as a reference for a construction SOV.
Project Schedule of Values Ideas and Examples
The project schedule of values can mean that it is an SOV for any type of project even if it isn’t related to construction and a hybrid type of SOV where project schedules are outlined beside the work items and scheduled values. Make sure to specify your SOV’s purpose if it is for listing the costs of a project or to incorporate a project schedule. If you opt for the hybrid function, then expect a detailed timeline of the project.
Subcontractor Schedule of Values Ideas and Examples
A subcontractor is responsible for carrying out the work of the main contractor to fulfill a bigger contracted project. There is a specific type of SOV for noting down the subcontractor’s work which is the subcontractor schedule of values. Whether the project is to develop an institute, building, software, or any program, subcontractors have to be meticulous wherein their expertise meets that of the general contractor.
Residential Schedule of Values Ideas and Examples
Residential construction and services fall under the residential schedule of values. From the name itself, you use the residential SOV to write the work items and estimated costs related to building homes or residences. In case the intention of a schedule of values is for commercial use, then that is already called a commercial schedule of values.
Contracts Schedule of Values Ideas and Examples
Tracking the project progression as stipulated under a binding contract is made easy using the contracts schedule of values. Same as a standard SOV, you have to ensure the details cover the contract sum, prepaid cost, earned cost, payment estimate, retainage, and more. If contracts tackle the monthly costs, mortgage invoice, construction bid, amortization schedule, and the project roster list, then include it in the SOV as well.
Small Schedule of Values Ideas and Examples
Small-scale projects are the main focus of a small schedule of values. No matter what size your project is, it can benefit from an SOV to ensure the project requirements are met and that no payment delay will happen in the long run. Another meaning for a small SOV would be the document’s size because you can produce smaller copies of the SOV mainly for project evaluation, budget checking, or Gantt chart-making.
General Schedule of Values Ideas and Examples
A general schedule of values may refer to a project SOV for general use or one that is stipulated by the general contractor. Since the general contractor is the project manager assigned to draw and oversee the whole project, updating and monitoring the progress of a project through an SOV is important to them. That means a general SOV is a detailed strategic plan or reference during the early stages of a project>
Blank Schedule of Values Ideas and Examples
Anyone new to SOV-making can use a blank schedule of values to download, print, and write what is asked in the document for future use. You can even label more parts into the SOV such as an employee roster list, loan amount, application number, and so much more. In case you have many upcoming projects to come, print as many copies out of these blank SOVs to keep track of each project efficiently.
Cost Schedule of Values Ideas and Examples
Use a project or construction cost schedule of values because this type of SOV is more focused on jotting down the numbers involving a project. From the scheduled value, retainage, and value of work completed, to balance to finish, insert such details in the SOV accurately. The costs covered in this document will then be used for fact-checking, analysis, and payment processing.
Schedule of Values Ideas FAQs
What is a schedule of values in project management?
In project management, the SOV is a reliable tool to help keep track of the entire project if it is going well or not, as well as to ensure costs won’t be wasted in the project.
What does a schedule of values cover?
The main elements covered in an SOV are the project name, name of contractor, date, project items, scheduled costs, percentage of work completed, value of work completed, retainage, and balance to finish.
Why is it important to set up a schedule of values?
The SOV makes projects easy to finish, track, pay, and manage.
Who creates the schedule of values in construction?
It would be the prime general contractor or the highest-level subcontractor.
What is the format of a schedule of values?
It is a document either in the letter, legal, or A4 size with a table consisting of the different elements of an SOV.
What happens if I make a mistake with a schedule of values?
Payment delays, extra fees, and structural flaws could be noticed in the output of a project.
Can we use a schedule of values for GMP contracts?
Yes, project-based contracts such as the guaranteed maximum price contract must always have a schedule of values.
Why does a schedule of values matter?
The SOV makes sure payment applications run smoothly, the project ends successfully, and no project cost will be wasted.
When do you use a schedule of values?
Create an SOV when you have complex projects (such as construction projects) to accomplish, especially where work items and project costs must be estimated.
What are the benefits of a schedule of values?
The schedule of values is a helping hand to accomplish a construction project, a reference to track the progress of a project, a cost estimator to optimize payment applications, and a big picture to oversee and manage projects carefully.
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