Construction Project : Time Cost Trade Off

846 WordsDec 7, 20154 Pages
Construction projects must satisfy a lot of complex requirements, which are often contrasting if not contradictory. On one hand, the parameters of time and cost must be respected, on the other the quality of work and the safety on site can’t be compromised. Thus, from the outset, every construction project is a time-cost-quality-safety trade-off and the role of every Project Manager is to ensure the integrity and optimality of this quadrilateral. In the management of a construction project, the onus of taking decisions regarding selection of appropriate resources, including crew sizes, equipment, methods, and technologies to perform the activities of a project lies on construction managers. These decisions will ultimately decide the duration and cost of a project. However, the project duration can often be compressed by accelerating some of its activities at an additional expense. This is the so-called time–cost trade-off (TCT) problem, which has been studied extensively in the project management literature. Time-cost trade-off analysis is one of the most important aspects of construction project planning and control. In general, time and cost have an inverse relationship, the faster we try to complete an activity more expensive it gets. Using critical path method (CPM), the overall project cost can be reduced by cutting down the resources for noncritical activities without impacting the project duration. Traditionally two main methods are used to perform this time-cost
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