Construction Cost Control & Management - Coursework Example

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Construction Cost Control & Management

In conclusion of the research, the PERT chart has been critically used to schedule, organize, and coordinate the tasks in this project. It has effectively ascertained the expected time of the project for effective planning and accountability of time and estimation of resources and cost. From the analysis, the pessimistic, normal and optimistic time were estimated. This was critical in showing the various activities keeping in mind their dependence to each other and particular independence. From the analysis with help of the PERT diagram, the critical path procedure shows that the estimated longest time to complete the project will be 63 days. The NPV of projects X and Y were found to be 20.60 and 1041.90 respectively. The excavator used during the project should not be more than 5 years old, this for efficiency purposes and minimization of loss. With respect financial analysis, the tender documents of the contracting organization ought not to be complicated. The standard nature of the documents will ascertain the value of the credit and cash flow of the contract period. The currency of operation is also critical in the sense conversion rate; therefore if contractor and employer are working on different currencies, risk measures should be taken into account prior to tendering and signing of contract. Consequently, issues prompting increment of project value have been discussed and shown clearly how the contractor can claim for additional cash. This is imperative for loss minimization in the process of project implementation. ...Show more

Summary

The purpose of this paper is to evaluate and present Construction Cost Control and Management. For achieving this present paper will attempt to illustrate the PERT diagram; expected time for each activity; the significance of the critical path and total float. …
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