Project Brief
Question/ Topic: Time Management & Life cycle cost of a project
How does time management affect life cycle cost of a project?
Background
This Thesis will analyse and study numerous aspects on how time management and lifecycle cost relate within a construction project. This includes aspects of what these activities are, explaining their importance and role, effective time utilization, techniques of planning and managing, scheduling of costs, internal and external influences and how to overcome them and finally how both elements require one another for a successful outcome.
Project Objective
The main objective of this project thesis is to examine and discuss how each element of time management and lifecycle cost of a project require one another, to provide a successful outcome in construction. This is done but examining a variety of aspects of each theme as previously stated.
Why this project?
This project was selected for study to present how much of an impact it provides to the construction project. To also demonstrate the necessity for adopting the best approach on management and how a construction project will not succeed without organised time management and financing.
Major findings and Predicted findings
According to major findings there seems to be a shortage of interest in time management as time management should be the top priority of any project that is going to commence. There is no room for mistakes as it could affect the overall project causing heavy financial damages.
The Predicted findings is hoping for a better educated understanding of no only time management but on how both themes require one another. Furthermore, to provide a greater understanding to building professionals, on techniques and procedures that may be used. Increased knowledge in this area of expertise can possibly produce a higher quality of work thus promising further innovation of efficient procedures and techniques to manage and finance.
Implications to the Industry
The embracement of this study in the construction industry will produce a higher successful rate of completion of projects. As this area of topic is focused, greater innovating procedures and techniques will be produced and adjusted, providing much more efficiency for future works, this can potentially save costs and reduce setbacks. The adoption of greater knowledge in this field can also decline the use of conformist scheduling and planning methods.
Conclusion
In Conclusion, focusing the study of time management and lifecycle cost of a project is a positive outcome in making construction projects much more efficient, therefore should be a priority task and necessity.
