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SOV Creation and Approval Process
The Schedule of Values (SOV) module in our Product Management tool serves a vital purpose in the construction industry. It is designed to fulfill the following objectives:
Initial Cost and Date Entry: The SOV provides a platform for contractors to enter the initial cost and date information for various project activities. This allows for the establishment of a baseline budget and timeline for the project.
Progress Tracking and Documentation: As the project progresses, the SOV adapts to capture additional relevant information. It accommodates the inclusion of new columns such as Cost Impact, Revised Schedule Values from Change Orders, and more. This comprehensive tracking ensures accurate documentation of the project’s financial and scheduling changes.
Cost Impact Analysis: The Cost Impact column in the SOV helps contractors assess the financial implications of change orders or modifications to the original scope of work. It provides a clear understanding of how these changes affect the overall project budget.
Revised Schedule Values: The Revised Schedule Values column in the SOV reflects the adjustments made to the initial values due to change orders or other project updates. It allows for a real-time representation of the project’s financial status based on the revised scope and associated costs.
Pay Application Integration: The SOV integrates with Pay Applications, incorporating columns such as Completed & Stored to Date, Percentage of Work Completed, Balance to Finish, and Retainage. These columns provide valuable information for the billing and payment process, enabling accurate assessment of completed work, outstanding balances, and retainage.
Project Reporting and Analysis: The comprehensive data captured in the SOV facilitates project reporting and analysis. Contractors can generate detailed reports on cost breakdowns, progress percentages, and financial summaries. These insights support informed decision-making, project evaluation, and forecasting.
By utilizing the Schedule of Values module in our Product Management tool, contractors can effectively track project progress, manage costs, and streamline financial documentation. It provides a centralized platform for capturing, analyzing, and reporting crucial project data, ensuring transparency, accuracy, and informed decision-making.
