Elements Deal With Time & Cost Overruns with Remedial Measures in Construction Sector
  • Author(s): Ms. Ashwini Gaikwad ; Mr Ashish P. Waghmare
  • Paper ID: 1702392
  • Page: 202-206
  • Published Date: 10-07-2020
  • Published In: Iconic Research And Engineering Journals
  • Publisher: IRE Journals
  • e-ISSN: 2456-8880
  • Volume/Issue: Volume 3 Issue 8 February-2020
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

Citations

IRE Journals:
Ms. Ashwini Gaikwad , Mr Ashish P. Waghmare "Elements Deal With Time & Cost Overruns with Remedial Measures in Construction Sector" Iconic Research And Engineering Journals Volume 3 Issue 8 2020 Page 202-206

IEEE:
Ms. Ashwini Gaikwad , Mr Ashish P. Waghmare "Elements Deal With Time & Cost Overruns with Remedial Measures in Construction Sector" Iconic Research And Engineering Journals, 3(8)