What is Schedule of values?

A schedule of values in the context of construction refers to a detailed breakdown of the costs associated with a construction project. It typically includes a list of all the work items or tasks that need to be completed, along with their corresponding costs. This document serves as a roadmap for tracking the progress of the project and ensuring that it stays within budget. By breaking down the costs into smaller, more manageable components, the schedule of values allows project managers to accurately estimate the total cost of the project and allocate resources accordingly.Furthermore, the schedule of values also helps in determining the payment schedule for contractors and subcontractors involved in the project. By outlining the costs of each task or work item, the document provides a clear and transparent method for evaluating progress and issuing payments.