Schedule Of Value

Introduction

As a contractor or subcontractor, one of the most important aspects of your job is to manage your budget and ensure that your projects are completed on time and within budget. One tool that can help you achieve this is the Schedule of Value, a document that outlines the value of the work that will be completed at each stage of the project. In this article, we will discuss what a Schedule of Value is, how to create one, and how to use it effectively.

What is a Schedule of Value?

A Schedule of Value is a document that outlines the value of the work that will be completed at each stage of a construction project. It is typically used to track progress and ensure that the project is staying on budget. The Schedule of Value is usually broken down by phases, with each phase representing a specific part of the project. For example, the demolition phase might be the first phase, followed by the framing phase, electrical phase, and so on.

How to Create a Schedule of Value

Creating a Schedule of Value is a straightforward process. First, you need to break down your project into phases. Next, you need to assign a value to each phase, based on the percentage of work that will be completed during that phase. For example, if the framing phase is expected to take up 30% of the project, you would assign 30% of the total budget to that phase.

Using a Schedule of Value Effectively

Once you have created your Schedule of Value, it is important to use it effectively. One way to do this is to track your progress against the Schedule of Value on a regular basis. This will allow you to identify any areas where you are falling behind schedule or over budget. You can then take corrective action to get back on track.

List of Events or Competition of Schedule of Value

There are no specific events or competitions related to Schedule of Value. However, many construction industry associations and organizations offer training and resources related to Schedule of Value, including the American Institute of Architects (AIA) and the Construction Management Association of America (CMAA).

Detail Schedule Guide for Schedule of Value

The Schedule of Value should be broken down into phases, with each phase representing a specific part of the project. Each phase should be assigned a value based on the percentage of work that will be completed during that phase. The total value of the Schedule of Value should equal the total budget for the project. The Schedule of Value should be updated on a regular basis to track progress and ensure that the project is staying on budget.

Schedule Table for Schedule of Value

| Phase | Percentage of Work | Value | |——-|——————–|——-| | Demolition | 10% | $50,000 | | Framing | 30% | $150,000 | | Electrical | 15% | $75,000 | | Plumbing | 15% | $75,000 | | HVAC | 20% | $100,000 | | Finishes | 10% | $50,000 |

Question and Answer (Q&A) and Frequently Asked Questions (FAQs)

Q: Why is a Schedule of Value important?

A: A Schedule of Value is important because it allows contractors and subcontractors to track progress and ensure that projects are staying on budget. It also helps to identify areas where corrective action may be needed.

Q: How often should the Schedule of Value be updated?

A: The Schedule of Value should be updated on a regular basis, ideally on a weekly or monthly basis, to track progress and ensure that the project is staying on budget.

Q: What happens if the project goes over budget?

A: If the project goes over budget, corrective action will need to be taken to bring the project back on track. This could include reducing costs in other areas, renegotiating contracts with subcontractors, or seeking additional funding.