Cost Value Reconciliations (CVR)
Cost Value Reconciliations (CVR) are carried out in order to monitor and measure expenditures against budgets on construction projects.
A measurement of the actual costs involved in a project are compared against the value of the works including profit to show a bottom line, in a similar way to a balance sheet for a company.
They are typically used by contractors to measure profitability and are reported to the management team, usually around the time of interim valuation of the works completed to date, and again at completion of the final account.
They can also be used to inform the management team of the bottom line on a project when negotiating final accounts.
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