PREFACE

In recent history, there has been considerable growth in construction worldwide. Both public and private sectors have increasingly initiated and completed construction projects, especially multistory buildings.

Time and cost are the two major factors that are pivotal for evaluating the performance of any project, and these factors vary for every project depending on the planning and methodology applied by project managers and project control professionals.

Because projects are time bound and are undertaken for either financial or nonfinancial objectives, these two variables—time and cost—need to be balanced within acceptable limits so they have an efficient relationship. Thus, developing the time and cost trade-off concept on a project level may yield optimum results for a project in terms of saving both time and cost.

The prime objective of this study is to obtain comparative statistical data for the construction industry so as to see how advantageous or disadvantageous it is if projects are fast tracked, crashed, or delayed.

This study also aims to establish that the relationship between time and cost is not necessarily always inversely proportional. The author believes that this suggestion runs contrary to the heuristic approach prevailing in the field that any effort made to reduce activity or the duration of the project will result in increased cost.

Through this work, the author intends to contribute to the fields of project management and controls, and to share knowledge and experience for both academic and professional users.