In construction management include Time-Cost Optimization with

 

In today’s
scenario construction industries which include design and constructability
issues, land acquisition issues, adverse political changes, shortage of talent,
time and cost related issues, rising material and labour costs, structural
changes. Time and cost are two main factors in a construction and they are used
for planning the construction project due to which there is increase in
importance of time and Cost optimization in construction projects. Optimization
is a systematic effort made to improve profit margins and obtain the best
results under given circumstances or situations. Traditionally used methods for
the cost effective project scheduling in construction management include Time-Cost Optimization with Network Analysis
either the Critical path method (CPM) or the program evaluation and review
technique (PERT) combined with trial-and-error procedure.

Critical Path
Method (CPM) was developed to optimize the organization of complex procedures
of an activity network and also to identify critical activities in a network
critical path. Because activities in the network can be carried out in
parallel, the critical path is the length of the longest path from the start of
project to its finish. Program evaluation and review technique (PERT) was
originally designed to orient time elements of a project and adopted
probabilistic time estimate to determine the probability that a project could
be completed by a given date.

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 Microsoft Project is a project
management software program which is designed to assist a project manager in
developing a plan, assigning resources to tasks, tracking progress, managing
the budget, and analyzing workloads. Project creates budgets based on
assignment work and resource cost. As resources are assigned to the task and the
program calculates the cost equal to the work times the rate, which rolls up to
the task level and then to any summary tasks level and finally to the project
level. The execution of the scheduled task work based on the resource
availability as defined in the resource’s. All resources can be defined in
Work, Material and Cost.

Hence, by these
methods we could control the time, cost and maintain a close watch on the
project.