Importance of time management and Cost effectiveness

Time Management in Construction

In this day and age of stiff competition and cost-cutting, Time and Cost overruns in any construction project are extremely undesirable. Most of the time, a Project Manager might be able to mitigate emerging problems, but sometimes it cannot be prevented. Time overrun causes delay in completion of the project, and cost overrun might result in an increase in the budget of the owner or stakeholders of that project. This report, based on a landscape project, concludes that the owner / management committee affects the overall completion of the project on scheduled time & estimated cost.

Time management in Construction
Time management in Construction

Landscape project could have been completed in time and within the estimated cost, but undue intervention, change in the scope of project midway and late action by owner / management committee led to cost and time overrun.

Time overrun results into increase in the total cost of the project. This extra amount is due to construction waste, which could have been eliminated.

This study concludes that there should be a continuous monitoring of the work. This monitoring system should be integrated with various aspects of planning. This can help in reducing time & cost overrun.

The biggest factor leading to time and cost overruns is actions of owner / management committee. Their meddling and slow decision-making severely affects the performance of the project. They have the power to make or break a project schedule.

It is essential for the project management team, Architects, engineers and assistant designers to deal with the aspects of time management to prevent cost overrun of the project. There are also a lot of contributing factors that add to it and should be explored.

We will be discussing the fundamental aspects of time management in construction and its influence on cost effectiveness..

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