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Study on Time and Cost Management in Construction

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Document pages: 12 pages

Abstract: In India large construction projects are inherently complex and dynamic. Many projects start with good ideas, huge investments and great efforts. However, most of them do not achieve much success. A major contribution to unsuccessful projects is the lack of understanding on scope, time, cost and quality. This project Projects as powerful strategic weapons when initiated create economic value and competitive advantage. The objective of the research is to explicitly declare the scope of the research to by considering only the scope, time, cost and quality as process success parameters and how specifically the cost element would influence the project success when all other elements or factors other than cost are represented in terms of cost factor along with the contract conditions as basic rules or constraints that drive the strategic cost based on applying the analysis methodology concept. The concept of benchmarking would provide right meaning of project success when allowing to properly distributing the meaning of customer profitability to the project providers (project owner and contractors). In this discussion, we emphasize the project management uses of accounting information. Interpretation of project accounts is generally not straightforward until a project is completed, and then it is too late to influence project management.

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