Imagine overseeing the construction of a new hospital wing, a $5 million project lasting 18 months, with multiple subcontractors, intricate medical systems, and strict regulatory requirements.
When taking on this complex construction project, you realize that you need a comprehensive document to keep track of all the work that needs to be completed. This includes labor, expenses, inventory, permits, and any other details related to this multi-million dollar project, which spans multiple contractors and hundreds of tasks.
That's where a SoV (Social Values) program comes in.
In this blog we will discuss the table of values, why it is important for construction project managers, when to use it, and the benefits of creating one.
What is a table of values?
A table of values is a comprehensive document that breaks down the total contract value of a vp financial email list construction project into smaller, manageable items to indicate which element or task of the project costs how much.
It is used by contractors, project managers and construction managers to track and manage finances and the number of tasks required to complete a construction project.
Each item in the value table represents a specific component of the project, such as site preparation, foundation work or electrical installations, along with its associated cost. This detailed cost breakdown is a key reference point for a project owner throughout its entire duration.
For example, in the case of a residential project, the table of values might look like this:
How to create an effective value table for projects
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