Cist Control

Topics: Project management, Construction, Project manager Pages: 3 (773 words) Published: February 26, 2013
Cost Control In Construction
Friday, 06 May 2011 00:00
Hits: 2775
Cost Control is an obvious objective in Construction Management and Construction Scheduling. It should be recognized that no amount of paperwork achieves this construction cost control. The actual control is achieved through the ultimate decision of the manager that something should be done differently and the translation of that decision into practice. The elements of a cost control system are:

* Observation
* Comparison of observation with some desired standard
* Corrective action to take if necessary.
A construction cost control system should enable a manager to observe current cost levels, compare them with a standard plan or norm, and institute corrective action to keep cost within acceptable bounds. Most construction cost control systems have an inordinately long response time. Even the best cost control system would provide information on what was happening last week or last month. Since, in construction projects some activities might finish in a week or a month, then nothing could be done if the performance of such activities was reported to overrun estimates of respective costs. Developments in Cost Control Systems

There are three developments in construction management which show promise of improving cost control system in the construction industry

1. Short term scheduling and control.
This system was developed at Lough borough University in association with a contractor. It aims to merger the planning and supervision and hence to obtain a more or less zero response time. . 2. Project Cost model.

This a system developed by Dr Martin Barnes for simulating future actions and thus guiding the manager in his choice between them . 3. Quantitative Scheduling
One of the unique Construction Software that provides a futuristic construction cost control tool for construction management is the CFF3 for cash flow forecasting. Version three has taken into consideration...
Continue Reading

Please join StudyMode to read the full document

You May Also Find These Documents Helpful

  • “the Role of the Project Manager Is to Command and Control.” Critically Discuss. Essay
  • Information Systems Development Project Management Control Essay
  • Management Control System Research Paper
  • 1984: the Control of Reality for Control of the Masses Essay
  • Inventory Control Research Paper
  • Budgetary Control Essay
  • Essay on Time and Its Control
  • Budgetary Control Essay

Become a StudyMode Member

Sign Up - It's Free