Home / Current Issue / Paper 1702392
Elements Deal With Time & Cost Overruns with Remedial Measures in Construction Sector
Subject area: Science,Engineering and Technology · Area of research: Civil Engineering
Abstract
The Construction industry is one of the key economic industry in India and is the main motivating force in Indian national economy. But, it suffers from a number of problems that affect time, cost and quality performances. Successful management of construction projects is based on three major factors i.e. time, cost and quality. Time and cost are the lifelines of any and every project. The success or failure of any project depends largely on these two factors apart from its quality. They are vital, still they are neglected. India is the tenth largest country in the World and yet her record of implementing major projects has been far from satisfactory. It has been observed very frequently that most of the projects in India ended with extra involvement of time, money and resources. It's a rare scene in construction industry, that a project is completed well within the estimated budget and time and with desired quality. Our GDP factor cost in year of 2014 is 4.7% and construction sector 1.1% ac-quired, Time and cost overruns have significant implications from an economic. In general, time overruns and cost overruns reduce the G.D.P. (Gross Domestic Product) or productivity of available economic resources, edge the development potential and diminish the effectiveness of the economy.
Keywords
Time, Cost, Indirect & Direct Costs, Variable cost, Fixed Cost
References
[1] Aftab Memon, Ismail Rehman, Ade Asmi Abdul Azis (2012), “Time & Cost performance in Construction Projects in Southern and Central Region of Pe-ninsular Malaysia”. International Journal of advances in applied sciences, Vol. I, March 2012, pp. 45-52.
[2] Al-Khalil, M.I. & Al-Ghafly, M.A. (1999). “Important causes of delay in public utility projects in Saudi Arabia”. Construction Management and Economics, 17(5), pp. 647-655.
[3] Al-Momani, A.H. 2000. Construction delay: A quantitative analysis. Interna-tional Journal of Project Management, 18(1), pp. 51-59.
[4] Apolot, Ruth, Alinaitwe, Henry & Tindiwensi, Dan. (2012), “An Investiga-tion into the Causes of Delay & Cost Overrun in Uganda’s Public Sector Construction Projects”, Second International Conference on Advances in En-gineering and Technology, pp 305-311.
[5] Assaf, S.A., Al-Khalil, M. & Al-Hazmi, M. (1995). Causes of delay in large building construction projects. Journal of Management inEngineering, 11(2), pp. 45-50.
[6] Baloyi, Lucius &Bekkar, Michiel (2011), “Couses of Construction Cost & Time Overruns:The 2010 FIFA World Cup Stadia in South Africa, Acta-Structilia Journal, Vol. No.1, 51-67.
[7] Kumaraswamy, M.M. & Chan, D.W.M. 1998. Contributors to construction delays. Construction Management and Economics, 16(1), pp. 17-29.
[8] M. Haseeb, Aneesa Bibi, Wahab Rabbani (2011), Causes & Effects of delays in Large Construction Projects of Pakistan , Kuwait chapter of arabian jour-nal of buisiness& management review Vol. 1, No. 4 December 2011, pp 18-42.
[9] Sambasivan, M. and Soon, Y. (2007) ‘Causes and effects of delays in Malay-sian construction industry’, International Journal of Project Management.
[10] S. Shanmugapriya (2013) Investigation of Significant Factors Influencing Time and Cost Overruns in Indian Construction Projects, International Jour-nal of emerging Technology & advanced engineering, (Volume 3 Issue 10, October 2013).
[11] T. Subramani, P. S. Sruthi, M. Kavitha (2014), Causes of Cost Overruns in Construction, IOSR Journal of Engineering (IOSRJEN), 06(04), pp.01-07.
[12] Walid Kholif, Hossam Hosny & Abdelmonem Sanad, “ Analysis of Time & Cost Overruns in Educational Building Projects in Egypt.”, International Journal of Engineering and Technical Research, ISSN : 2321-0869, Vol.-1, Issue-10, Dec-2013.
[13] K. K. Chitkara, “Construction Project Management (Planning, Scheduling & Controlling)”.
[14] ASCE,www.ascelibrary.org
[15] www.sciencedirect.com
How to cite this paper
@article{1702392,
author = {Ms. Ashwini Gaikwad, Mr Ashish P. Waghmare},
title = {Elements Deal With Time & Cost Overruns with Remedial Measures in Construction Sector},
journal = {Iconic Research And Engineering Journals},
year = {2020},
volume = {3},
number = {8},
pages = {202-206},
issn = {2456-8880},
url = {https://www.irejournals.com/formatedpaper/1702392.pdf},
abstract = {The Construction industry is one of the key economic industry in India and is the main motivating force in Indian national economy. But, it suffers from a number of problems that affect time, cost and quality performances. Successful management of construction projects is based on three major factors i.e. time, cost and quality. Time and cost are the lifelines of any and every project. The success or failure of any project depends largely on these two factors apart from its quality. They are vital, still they are neglected. India is the tenth largest country in the World and yet her record of implementing major projects has been far from satisfactory. It has been observed very frequently that most of the projects in India ended with extra involvement of time, money and resources. It's a rare scene in construction industry, that a project is completed well within the estimated budget and time and with desired quality. Our GDP factor cost in year of 2014 is 4.7% and construction sector 1.1% ac-quired, Time and cost overruns have significant implications from an economic. In general, time overruns and cost overruns reduce the G.D.P. (Gross Domestic Product) or productivity of available economic resources, edge the development potential and diminish the effectiveness of the economy.},
keywords = {Time, Cost, Indirect & Direct Costs, Variable cost, Fixed Cost},
month = {February},
}