Management of Cost and Time in Construction Projects
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This document discusses managing cost and time in construction projects. Construction planners face challenges balancing time, cost, and quality. Recent contracts also consider quality in addition to time and cost, putting pressure on decision makers to optimize these conflicting objectives. If activity durations are compressed, costs increase due to allocating more resources, while using fewer resources extends durations. The objective is to reduce increased project duration and meet deadlines at lowest cost. Methodologies to achieve this include site investigation, surveys, analysis, scheduling, and using cost and time management techniques like crunching and crashing in scheduling software. Crunching technique managed cost and time effectively in the case study, completing the project earlier at a lower actual cost than crashing technique.
Management of Cost and Time in Construction Projects
- 1. International Research Journal of Engineering and Technology (IRJET) e-ISSN: 2395 -0056 Volume: 04 Issue: 06 | June -2017 www.irjet.net p-ISSN: 2395-0072 © 2017, IRJET | Impact Factor value: 5.181 | ISO 9001:2008 Certified Journal | Page 756 MANAGEMENT OF COST AND TIME IN CONSTRUCTION PROJECTS K.B.VIGNESWARAN ME, Dept. of civil Engineering, Jerusalem college, Tamilnadu, India ------------------------------------------------------------------------***----------------------------------------------------------------------- ABSTRACT: Construction planners face the challenge of optimum resource utilization to compromise between different aspects of projects, especially time and cost. Recent contracts consider the quality performance of projects in addition to time and cost. These new and emerging contracts impose an increasing pressure on decision makers in the construction industry to search for an optimal/near-optimal resource utilization plan that minimizes the construction cost and the time, while maximizing its quality. This creates new and pressing need for advanced resource utilization models that are capable of optimizing the multiple and conflicting objectives of construction time, cost and quality. If durations of the activities are compressed, the cost will increase due to more resources allocated to their rapid accomplishment. On the other hand, using fewer resources will result in extended duration of activities. In addition to time and cost of activities, every resource utilization option will yield a specific performance quality. Trade-off between these conflicting aspects of project is a challenging job and as such planners are faced with numerous possible combinations for project delivery. OBJECTIVE The objective of this project is to reduce the increased project duration from original duration and to meet a specific deadline, with the least cost. . Recent contracts consider the quality performance of projects in addition to time and cost. These new and emerging contracts impose an increasing pressure on decision makers in the construction industry to search for an optimal/near- optimal resource utilization plan that minimizes the construction cost and the time, while maximizing its quality. If durations of the activities are compressed, the cost will increase due to more resources allocated to their rapid accomplishment. On the other hand, using fewer resources will result in extended duration of activities. In addition to time and cost of activities, every resource utilization option will yield a specific performance quality. In addition to that it might be necessary to finish the project in a specific time to: - Finish the project in a predefined deadline date. - Recover early delays. - Avoid liquidated damages. METHODOLOGY The Methodology for achieving the above objectives are as follows: SITE INVESTIGATION QUESTIONNAIRE SURVEY STUDY THE REASON FOR DEVIATION ANALYSIS OF BUILDING PREPARATION OF DETAILED ESTIMATE PREPARATION OF SCHEDULE CHART COST & TIME MAGEMENT TECHNIQUE CONCLUSION
- 2. International Research Journal of Engineering and Technology (IRJET) e-ISSN: 2395 -0056 Volume: 04 Issue: 06 | June -2017 www.irjet.net p-ISSN: 2395-0072 © 2017, IRJET | Impact Factor value: 5.181 | ISO 9001:2008 Certified Journal | Page 757 BUILDING DETAILS The building is a residential building consisting of 2 floors. Each floor has 5 flats. Foundation of the building is normal single rectangular foundation The building is a framed structure, ESTIMATION The total budgeted estimation the building is Rs.79,50,000/- SCHEDULING The total budgeted duration of the project is from 10th Nov 2016 to 27th June 2017. FACTORS AFFECTING THE COST & TIME Local social problems. Environmental conditions. Lack of resources. Local festivals. TICHNIQUE FOR COST & TIME MANAGEMENT The cost and time can be manager by using crunching and crashing technique and it is analysed in the primavera software. REPORT BY CRUNCHING TECHNIQUE ACTUAL COST =7787602, Project ends on 5th june 2017. BY CRASHING TUCHNIQUE ACTUAL COST =8254269, Project ends on 27th june 2017. RESULT The cost and time of the construction project is managed effectly by crunching technique, from that the actual cost will be Rs 7787602 and actual project completion is on 5th june 2017. REFERENCES 1. Castro-Lacouture, D., Süer, G., Gonzalez-Joaqui, J., and Yates, J. (2009). ”Construction Project Scheduling with Time, Cost, and Material Restrictions Using Fuzzy Mathematical Models and Critical Path Method.” J. Constr. Eng. Manage., 135(10), 1096–1104. 2. Chassiakos, A. and Sakellaropoulos, S. (2005). ”Time- Cost Optimization of Construction Projects with Generalized Activity Constraints.” J. Constr. Eng. Manage., 131(10), 1115–1124. 3. EhsanEshtehardian(2009)” Optimization of uncertain construction time-cost trade-off problem” Ph.D. Candidate of Construction Management, Department of Civil Engineering of IUST, Tehran, Iran 4. El-Kholy.(2013) “New Aspects in Time-Cost Tradeoff Analysis”. Associate prof,Dept of civil eng. 5. Ezeldin, A. and Soliman, A. (2009). ”Hybrid Time- Cost Optimization of Nonserial Repetitive Construction Projects.” J. Constr. Eng. Manage., 135(1), 42–55.
- 3. International Research Journal of Engineering and Technology (IRJET) e-ISSN: 2395 -0056 Volume: 04 Issue: 06 | June -2017 www.irjet.net p-ISSN: 2395-0072 © 2017, IRJET | Impact Factor value: 5.181 | ISO 9001:2008 Certified Journal | Page 758 6. Feng, C., Liu, L., and Burns, S. (2000). ”Stochastic Construction Time-Cost Trade-Off Analysis.” J. Comput. Civ. Eng., 14(2), 117–126. 7. Geem, Z. (2010). ”Multiobjective Optimization of Time-Cost Trade-Off Using Harmony Search.” J. Constr. Eng. Manage., 136(6), 711 8. Hegazy, T. and Wassef, N. (2001). ”Cost Optimization in Projects with Repetitive Nonserial Activities.” J. Constr. Eng. Manage., 127(3), 183–191. 9. Hegazy, T. and Menesi, W. (2010). ”Critical Path Segments Scheduling Technique.” J. Constr. Eng. Manage., 136(10), 1078–1085. 10. Heravi, G. and Nezhad, S. (2012). "A Group Decision Making for StochasticOptimization of Time-Cost- time.