Title of the project:
A study on project schedule and cost overruns with reference to Construction Company
EXECUTIVE SUMMARY
Project Management offers challenges that can be more visible and accountable than the more mainstream activities within an organization. Projects within organizations can bring disparate parts together through team members who represent their specialisms. Innovation and change has generated increased partnership working across public sector organizations. This emphasizes the importance of Project cost Management used to manage the complexities of these types of projects. Whilst cost reduction draws on generic management skills it is the adaptability of these skills in the context of a project that generates the need for cost, energy and commitment. Aiming for excellence is the key to a successful project.
The present study on Project schedule and Cost Management was undertaken to get knowledge of the effectiveness of cost management strategies in an organization. The present study is taken up with the aim of studying the approach of the Real estate Companies in developing, managing and executing of project cost management tools and techniques used in organization.
The study is done at Hyderabad in Construction Company with the employees from different departments as the respondents of the study. The staffs at different levels of hierarchy were interviewed using questionnaire. The data collected from the primary source and the secondary sources was analyzed using tables and charts. From the study, it was found that the PMS tools and techniques used in the organization are effective and most of the people working on different projects in the organization agree to it.The organization should therefore regularly assess the need for using advanced technology, assessment of risk and involvement of skillful employees who would form part of the project and meet the needs of the Stakeholders involved in the projects.
Introduction and Objectives of the project:
Introduction:
Objectives of the project:
- To analyze project delay time and cost overruns
- To study the reasons for cost overruns in pre-execution phase
- To study the reasons for schedule overruns in pre-execution phase
- To study the reasons for schedule overruns in execution and closing phase
- To study the reasons for cost overruns in execution and closing phase
- To provide suitable recommendations.
Literature review:
The success or the failure of the project is broadly assessed in three dimensions.
a) Cost
b) Time
c) Product performance
However, the project cannot be called successful or failed on the basis of these three parameters if viewed from the eyes of all the stakeholders involved in it. The same outcome of a project may mean different things to different people. Management‘s view of what constitutes a successful project may be different from that of a project manager, while developer and users may have different take on the success. The difference in view point is due to different perspectives, motivation and responsibilities associated with the roles.
Methodology and References:
Type of Research Method: The proposed study is a quantitative and descriptive type of study. The major purpose of using such a design is description of the state of affairs as it exists at present.
Sample size: The sample size would be 50 respondent.
Primary data:
Primary data will be collected by following methods:
- Observation during the project.
- Personal interviews through a questionnaire
Secondary data: The data will be collected from the Magazines, Annual reports, Internet, Text books and brochures.
Data collection: Data will be collected through observation and questionnaire
Data Analysis method: Data will be analyzed by using excel and using graphs, charts and percentages.
TOOLS / TECHNIQUES TO BE USED FOR DATA ANALYSIS:
Descriptive statistics, Charts and graphs