Schedule of Values

A schedule of values or SOV is no stranger in the initial stages of a promising construction project. It is a detailed document that breaks down the number of processes to accomplish, the cost of every action item, as well as the progress cost and total contract price of a project’s work—a must-have for checking a project’s entire work, payment, and percentage.

Schedule of Values Definition & Meaning

The schedule of values is a tabular document that houses the step-by-step method of a project while each task description is labeled with a corresponding scheduled cost aka the value of the work item.

A schedule of values is crucial to project management and processing payments because this sheet contains the total contract value, work item invoice, and cost progression for every procedure involved in a project.

What Is a Schedule of Values?

A schedule of values is a reference page for contractors, subcontractors, architects, and project managers to oversee the costs of a project and process scheduled payments. The American Institute of Architects (AIA) requires the SOVt to estimate the contract sum of work portions and lay out the guaranteed maximum price of a construction project. So when a project starts, set an SOV and update the sheet as work continues.

10 Types of Schedule of Values

Roofing Schedule of Values

The roofing schedule of values is the type of SOV used specifically for roofing projects such as roof installation, chimney inspection, downspout assessment, or any other task related to roofing. Roofing contractors depend on the SOV for easy billing of each work item covered and to keep track of finishing roof-driven services. Roofers can have a custom-made SOV that showcases their company name, business logo, and address.

Builder Schedule of Values

You can always depend on a builder schedule of values since this option works best for making the project budget estimates of construction builder industries seamless. Use this type of form to set the table for your construction company’s work description and designated scheduled values. The details inside the SOV will work as proof of the progress of each work item as well.

Market Schedule of Values

Optimize a market schedule of values when you need to outline the market value of properties. Cost management runs smoothly with an SOV so you can avoid overspending or underspending, especially when costs can be compared to their market value in the tabular sheet. Just make sure to research the updated market value of every property to input in the SOV.

Professional Schedule of Values

You can’t go wrong with the professional schedule of values because this type of SOV doesn’t simply cater to construction projects. Any kind of professional project is welcome to use this particular SOV. It is a blank SOV where you only fill in the name of your project, the project number, the work description, the scheduled value, and the rest of its elements.

AIA Schedule of Values

Follow the ultimate standard for SOVs using the AIA schedule of values. Whether your concern involves a construction project amortization of Procore technologies, a software construction project compatible with Excel, or a Proforma architectural process, the AIA schedule of values will guide you on the proper SOV format efficiently. AIA is responsible for requiring most construction projects with an SOV anyway.

Bid Schedule of Values

A construction bid refers to the system of ensuring potential clients receive a proposal on how to craft a structure or building, may it be a roaster, cabinet, or whole building. Hence, opt for a bid schedule of values since subcontractors often use it upon pitching services to main contractors. This way, the SOV itself works as the master plan of the construction processes and the surrounding costs involved.

Contractor Schedule of Values

The contractor schedule of values makes it easy for any department or association contractors to allocate the work items, scheduled values, work timeline, work completed, balance to finish, earned costs, and other concerns out of a construction project. The details should go in line with the construction contract to ensure outstanding project management. Thus, mismanaging costs can be avoided in the early processes of a project.

Plumbing Schedule of Values

Any project related to plumbing and the scheduled costs associated with each process fall under the plumbing schedule of values. Plumbing services may involve drainage cleanup, water management, pipe installation, and so much more that tracking both the costs and work progress is essential. Therefore, you can use the plumbing SOV to ensure accurate cash flow and project management.

Electrical Schedule of Values

Electrical companies can have a personalized electrical schedule of values to lay out the different services including outlet repair, pool lighting, panel restoration, metal flashing, and more. The details found in the electrical SOV would be the electrical company’s name, project number, name of the electrician or contractor, and the standard SOV elements. Electrical engineering has never been easier with an SOV for reference.

Property Schedule of Values

Any form of property project could use a property schedule of values for help. Whether the SOV is required by law or not, you can’t deny that property project costs and their scheduled values would be more transparent if tabulated in an SOV. Take this opportunity to prevent overspending because your estimated property values could be wrong if not tracked regularly.

Schedule of Values Uses, Purpose, Importance

The concept of a schedule of values has helped many contractors, construction builders, and architects for years. You are guaranteed to know that it is a useful document after learning the important reasons behind making an SOV.

Monitors Project Progression and Scheduled Costs

The two most notable purposes of formulating a schedule of values are tracking the progress of projects and covering the costs involved in the process. You can certainly depend on the SOV to monitor if the work item cost matches that of the contract value. Use this document to ensure payments won’t be delayed and that even in the early stages of a project, management is already going well.

Accommodates Both Small and Large Scale Projects

There are projects where you have to make a huge loan to happen while some can be easily accomplished because of involving small-scale operations. You are guaranteed that an SOV is reliable for both small and large-scale projects to lessen the complexity of the whole project such as ensuring you are fully keeping track of the payment application, costs, and overall budget. Thus, adversities on the budget and the project itself won’t have to hinder your project operations in the end.

Prevents Minor and Major Project Issues

Speaking of adversities, the schedule of values will help you identify the minor and major issues that could err your entire project. Updating the document with the work progress and scheduled costs will make it easy to notice any cash flow disruption, payment delay, or any discrepancy that could cause the project to fail. Also, the SOV’s document itself can be used as evidence for taking legal action since it is a professional document.

Works for Both Print and Online Copies

Whether you choose to create a schedule of values in print or a digital spreadsheet, either is acceptable. You can even have both print and online copies for safekeeping in case one option gets lost in the process. What matters the most is that the parts of an SOV, which will be discussed after this section, will be laid out in the document to serve its purpose.

Optimizes Project Management

A very important reason that you should not overlook in using an SOV is how it can optimize project management. Most project managers even look for precise SOV records from time to time to affirm if the work’s progress goes in line with the project budget and project schedule; thus, they will know when to release every payment without any delay. More so, you can use the data inside the SOV for other functions such as your next construction budget plan, monthly project evaluation, construction employee production analysis, etc.

What’s in the Schedule of Values?

Project Name

The project name is the name of your construction project, and you can name it according to your purpose in case it doesn’t involve construction. Don’t forget to incorporate the project number beside or below the project name.

Name of Contractor/s

This refers to the names and other identification details of the general contractor involved in the whole project. Naming the rest of the subcontractors and stakeholders may be necessary if applicable.

Date

The date and the application number will be used to track how old or new the SOV is. Be sure to state the day, month, and year of the project’s starting date in this section.

Work Items

The table section of the SOV would start with the work items which is the list of activities or processes done in the project. Beside that list are the work item number (a unique serial number of each work item) and a work description (a brief explanation of what the process is about).

Scheduled Values

The meat of the SOV would be the scheduled values which should cover the total values of each work item. The scheduled value will be analyzed later on if the actual work completed has a bigger or smaller value in the end.

Value of Work Completed

The value of work completed section is divided into two parts which are the past value and the current value. This introduces a brief comparison between the previous application’s value and the current period’s value.

Percentage of Work Completed

Always update the progress of each work item in percentage form. Calculate if a project is 40% complete, 95% complete, or any other value to send an estimate regarding how far or close a project ends.

Balance to Finish

The balance to finish is the balance remaining for every item. It briefly displays the cost or amount to pay for executing or completing a task.

Retainage

The retainage refers to the portions withheld in a project unless the work item is completed. It marks the percentage of the contract price set by the contractor for payment assurance.

How to Design a Schedule of Values

1. Select a Schedule of Values Size

2. Recognize the purpose behind making the SOV

3. Choose an editable Schedule of Values Template

4. Add the parts of an SOV

5. Finalize the SOV’s content, format, and design

6. Save and download your work

Schedule of Values vs. Budget

A schedule of values is a useful project document to estimate the work item costs, total contract value, cost progressions, and other specific elements concerning the costs of a project, particularly construction projects.

The budget is a detailed document that outlines all the expenses and prices involved in a project; thus, the budget covers expenses for general use while the SOV is more specific in detailing the work items and scheduled costs of a project.

What’s the Difference Between a Schedule of Values, a Project, and a Form?

A schedule of values is a project document that identifies different work items to achieve, the scheduled costs per item, the project progression, the value of work completed, and other internal project costs.

A project is a broad term that may refer to an activity to accomplish, a structure to create, or an estimate of data.

A form is a fillable sheet where you write key information that is asked in the document, and it can be used for any purpose depending on the title or intent of the form.

Schedule of Values Sizes

There are three main options for the standard schedule of values sizes. It is essential to differentiate each size and decide the best option that works for your purpose to ensure your SOV pays off in the end.

Schedule of Values Ideas & Examples

Drawing the best schedule of values doesn’t have to be a hassle, especially when you get inspiration from the iconic schedule of values ideas and examples. You are guaranteed to have a good sign while forming an SOV by considering each resource listed below:

• 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

FAQs

More in Documents