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A Schedule of Values (SOV) is a detailed schedule apportioning the original contract sum and all change orders, among all cost code divisions or portions of the work. The Schedule of Values shall be based on the approved budget or the approved Fixed Price, or GMP, Cost-Plus Contract type as applicable.
The project schedule is a calendar that links the tasks to be done with the resources that will do them. It is the core of the project plan used to show the organization how the work will be done, commit people to the project, determine resource needs, and used as a kind of checklist to make sure that every task necessary is performed.
This involves reviewing the project's plans and specifications to produce a take-off or quantity survey, which is a listing of all the materials and items of work required for a construction project by the construction documents. Together with prices for these components, the measured quantities are the basis for calculation of the direct cost.
Example from MIL-HDBK-881, which illustrates the first three levels of a typical aircraft system [1] A work-breakdown structure (WBS) [2] in project management and systems engineering is a deliverable-oriented breakdown of a project into smaller components. A work breakdown structure is a key project management element that organizes the team's ...
A Allocation of costs is the transfer of costs from one cost item to one or more other cost items. Allowance - a value in an estimate to cover the cost of known but not yet fully defined work. As-sold estimate - the estimate which matches the agreed items and price for the project scope. B Basis of estimate (BOE) - a document which describes the scope basis, pricing basis, methods ...
LSM is used mainly in the construction industry to schedule resources in repetitive activities commonly found in highway, pipeline, high-rise building and rail construction projects. These projects are called repetitive or linear projects.
The list is usually made by the owner, architect or designer, or general contractor while they tour and visually inspect the project. [2] In the United States construction industry, contract agreements are usually written to allow the owner to withhold (retain) the final payment to the general contractor as "retainage". [3]
In this example, the progress of three residential construction projects are compared by aligning the starting dates. If these three home construction projects were measured with the same PV valuations, the relative schedule performance of the projects can be easily compared.