Time and Cost Optimization for a Residential Building Project with an Integrated Project Management Approach

In construction industry, it is important to have control on time and cost performance of projects to ensure the construction cost is within the budget. For all construction projects, the main objectives are to handover the project within the required time and cost. Resources are the most important part of any construction project and the total cost of project is based on resources. Despite the availability of various control techniques and project control software many construction projects still do not achieve their cost objectives. So, optimization of resources plays a vital role in saving cost as well as time for any particular project. In this paper concept of optimization is understood clearly and implemented on a residential building project. The main objective of the study is to optimize the cost and time of the project by implementing an integration project management system (IPMS) which includes various operational research methods, efficient procurement strategy, value engineering and project management software. The study includes identifying factors affecting the cost and time of a residential building project and further analyzing it for optimizing the overall cost and time of a residential building project by developing IPMS. After performing the analysis on the data collected from on-site observations, authentic documents related to the particular project, meeting various involved stakeholders, interviewing them and making a note of their opinion and expertise, it has been clearly observed through the results that by implementing IPMS can help effectively to control and optimize the cost and time of a residential building project.