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Trade-Off between Cost and Schedule

Publication No
RS214-1
Type
Research & Development Product
Publication Date
Jan 01, 2007
Pages
27
Research Team
RT-214
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DOCUMENT DETAILS
Abstract
Key Findings
Filters & Tags
Abstract
Projects must meet budget, schedule, safety, and quality goals to be regarded as a success. Many decisions are made that influence a project’s outcome. Today, owners are often faced with deciding between a project execution strategy that emphasizes ei
Key Findings

This research identified six major drivers governing cost/schedule trade-offs and 23 techniques of most value to project teams. A sampling of the drivers and techniques are shown below. Refer to the Research Summary for the complete lists. (RS214-1, p. 22)

Representative Major Drivers
  1. Executive sponsorship
  2. Owner’s need
  3. Owner’s commitment
  4. Legislative/environmental
 
A Sampling of the 23 Execution Techniques
  1. Alignment
  2. Effective communication
  3. Empowerment
  4. Team building
  5. Change management system
  6. Constructability
  7. Measuring design effectiveness vs. project objectives
  8. Risk management system
  9. Value engineering
  10. Cost control systems

This research identified the most significant barriers to the trade-off between cost and schedule (RS214-1, p. 4):

  • Unclear project objectives or business definition
  • Lack of alignment with project objectives
  • Poor planning
  • Scope changes
  • Poor decision making
  • Turnaround/outage schedule
  • Lack of project team alignment
Filters & Tags
Knowledge Area
Project & Program Management
Project Phase
Feasibility, Concept, Detailed Scope, Detailed Design (Engineering), Procurement, Construction, Commissioning & Startup, Handover & Closeout
Project Function
Project Management, Procurement & Contracts, Construction, Commissioning & Startup, Risk Management, Quality Management
Industry Group
Light Industrial, Heavy Industrial, Buildings, Infrastructure
Research Topic
Trade-Off Between Cost and Schedule
Keywords
Cost, Schedule, Cost-Schedule Trade-Off Tool, CSTT, rt214

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