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Trade Off Between Cost & Schedule

Event Date

Oct 01, 2009

Type

Workshop Presentation

Research Team

RT-214

Slides

Topic

Trade-Off Between Cost and Schedule

DOCUMENT DETAILS

Abstract

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 either cost or schedule. Such decisions are made throughout the life cycle of the project. Through surveys of CII member organizations and case studies, the research team identified 23 techniques that consistently influence project success through optimization of cost and schedule. The team then created the Cost-Schedule Trade-Off Tool (CSTT) to assist in selecting the optimum group of techniques to achieve a specific cost-schedule trade-off. The tool identifies and quantifies cost/schedule trade-offs and can be used to prioritize techniques based on their effectiveness during various project phases. The intent is to select appropriate execution techniques that may be incorporated into projects to achieve the desired balance between cost and schedule. The techniques recommended by the tool are not unique, but are routinely used in successful project management. In fact, many of the techniques are CII Best Practices. The key, however, is that the CSTT helps the user in knowing the specific techniques to employ at each stage of the project. Project teams can then use these techniques in a more timely fashion to increase the likelihood of project success, particularly in an era when trade-offs are continually being made to favor cost over schedule.

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