COST TIME BALANCING: Aim of cost time balancing is to complete the project work in scheduled time. Time is also the important factor which also effects the quality and profit of the project. With the delay in work the cost of the project increases. Cost may be of two types
1. Direct
Cost: It is the cost which is utilized for construction work .i.e. labour,
material etc..
2.
Indirect
Cost: Indirect
costs are costs that
are, but not necessarily, not directly accountable to a cost object (such
as a particular project, facility, function or product). It should be
financially infeasible to do so for a cost to be labeled indirect. Indirect
costs may be either fixed or variable. Indirect costs include administration,
personnel and security costs. These are those costs which are not directly
related to production.
Procurement of labour, material and equipment
In any construction project, it is necessary to
estimate the required labour, material and equipment required for completion of
the project. This can be done with the help of construction schedules. Separate
schedules are prepared for labour, material and equipment. These schedules help
in procurement of labour, material and equipment at proper time and their
efficient usage and storage.
1. Labour: Labour schedule, helps in
providing future labour requirements and efficient and optimum deployment of
labour force where ever necessary.
2. Material: Material schedules helps in
providing types of material required along with their quantities and the actual
time by which the materials are kept ready so as to avoid any delays in
completing a construction project.
3. Equipment: Equipment schedules are
prepared to find the type of equipment required, time and period for which
particular equipment is needed. It helps in avoiding the equipment keeping it
idle.