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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.
A change order is work that is added to or deleted from the original scope of work of a contract. Depending on the magnitude of the change, it may or may not alter the original contract amount and/or completion date. A change order may force a new project to handle significant changes to the current project. [2]
Description of the change. This includes a drawing of the component before and after the change. Generally, these drawings are only of the detail affected by the change. List of documents and departments affected by the change. The most important part of making a change is to see that all pertinent groups are notified and all documents updated.
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.
The activities of requirements change management include receiving the change requests from the stakeholders, recording the received change requests, analyzing and determining the desirability and process of implementation, implementation of the change request, quality assurance for the implementation and closing the change request.
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