welcome 2-day conference – project management in construction sector 1
TRANSCRIPT
Welcome
2-Day Conference – Project Management in Construction Sector 1
Managing Time and Cost in
Construction Projectspresented by
A N PrakashAN Prakash CPMC Pvt.. Ltd
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Managing Time and Cost in
Construction Projectsis
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Which of these projects are completed on time and / or within budget ??
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Construction Projects
• are Complex
• are Chaotic
• have Changes
• have Conflicts
• Discomfort
and
• Imbalance
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Interest of all stakeholders in a project are
• On-time Completion
• Within Budget
BUT WITH
• Maximum Efficiency
• Highest Performance
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Commonly project conditions are
Dynamic
An Unknown Unknown !!
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an Example in Hong Kong Airport
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Causes for Cost & Time overrun
• Inflation ?• Errors and omissions ?• Changes ?• Underestimation ?• Wrong plans ?• Faulty execution strategy ?
Any others ………….
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There are 113 !!!
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and many more
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Some Empirical Formulas proposed
by Researchers
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Root causes Grouped
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With experience, now the situations are
Predictable to a great extent
A Known known
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• Has Evolved from Simple Gantt Chart To PERT, CPM.
• From Manual Calculations Use of Computers
• Continue To Evolve In Terms Of Its Capabilities
• Project Management Tools-- Time Management
-- Cost Management
-- Resource Management
-- Change Management
-- Data Management
-- Document Management
• Techniques-- Earned Value Management (EVM)
• Tools-- Building Information Modeling (BIM)
Evolution of Tools and Techniques for Managing Time and Cost
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Some Recommendations Conduct cost and schedule risk analysis
o Cost elements are time dependent
o Not all costs will increase when schedules are extended
Avoid Stagnation, elevate to create alternatives
Identify time bound deliverables
Avoid Analysis Paralysis, many times it an opportunity lost
o Be persistent yet consistent
o Use meetings to avoid road blocks
o Be transparent
Have strong project governance
Create and evolve an effective communication strategy
Understand the requirements completely
Have and agree on well-defined scope and specifications
Contd ….
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Create comprehensive multilevel plans
Acquire ability to manage multiple project resources
Convince and buy strong sense of commitment by all stakeholders
Avoid interruptions else payback in terms of productivity in project cycle and revenues
Fewer mistakes, envision the problems
Visualise for better productivity and better paybacks
Enhance competencies in Contract Management
Shorter turnover time in decision making
Superior project execution plans
Some Recommendations
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Thank You