Navigating Construction Budgets: The Power of Schedule of Values and PMIS Integration

A Schedule of Values, or SOV, is an extensive record of every billable task in a project, its corresponding cost, and the status of the completed work. It is a financial snapshot of the construction project covering every major and minor project activity of financial importance. The allocated cost of all these activities, when summed, is equal to the total contract value of the project.

It is an essential tool that helps the stakeholders monitor the progress of project tasks in contrast to the planned tasks. When construction projects create a Schedule of Values, all members, such as project owners, general contractors, designers, and architects, get a single point of reference to understand the project’s progress and payment flow.