Project Completion Cost Research Articles

Application of Business Information Management in Cross-border Real Estate Project Management

Cross-border real estate project management is inherently challenging due to its complexity and diversity. This study investigates the efficacy of business information management systems (BIMS) in managing such projects and employs machine learning models for performance prediction analysis. Utilizing data from 250 valid questionnaires and 15 in-depth interviews, multiple regression analysis, classification algorithms, and clustering analysis models were applied. The results indicate that system quality, information quality, and service quality significantly enhance project management efficiency and user satisfaction. Specifically, the adoption of BIMS reduces average project completion time and cost overrun rates, thereby improving management effectiveness. Commercial real estate projects reported the highest average investment at $70 million, mixed-use projects exhibited the longest average completion time of 25 months, and residential real estate projects achieved the highest management efficiency score, averaging 8.0. The regression model's coefficient of determination (R²) was 0.68, the classification model achieved an 85% accuracy in identifying risk factors, and clustering analysis categorized projects into high-efficiency management, risk-concentrated, and resource-intensive types. These findings underscore the substantial value of BIMS in cross-border real estate project management, providing robust management tools and decision support. However, the study's limitations include a small sample size and restricted data sources. Future research should aim to expand the sample size and incorporate more diverse data sources to enhance the findings' generalizability and accuracy.

The Multi-Skilled Resource-Constrained Project Scheduling Problem: A Systematic Review and an Exploration of Future Landscapes

Abstract The Multi-skilled Resource Constrained Project Scheduling Problem (MS-RCPSP) is a complex and multi-faceted problem that involves scheduling activities whilst considering various resource constraints. These constraints include limited availability of workers, equipment, and materials, with each activity requiring a minimal set of skills to be executed. Furthermore, for a better resemblance to reality, workers/machines are assumed to be multi-skilled/multi-purpose posing another dimension of complexity to the problem. The objective is to minimize project duration, cost, or other relevant criteria while accounting for the inherent resources flexibility. This paper provides a systematic review of the literature pertaining to MS-RCPSP, and an in-depth analysis of 171 papers published between 2000 and 2021 inclusive. The conducted bibliometric analysis identifies the top contributing authors, most influential papers, existing research tendencies, and thematic research topics within the field. In addition, this review highlights different aspects of the MS-RCPSP, spanning the significance of performance measures, solution approaches, application areas, and the incorporation of time constraints. While project completion time, cost, and tardiness are common performance indicators, other measures such as multi-skilled staff assignment and schedule robustness are also deemed important. Although various methods have been employed to solve the MS-RCPSP including exact and approximate approaches, the selection of the most-suited approach depends on the problem’s scale, complexity, and constraints, necessitating careful consideration of each method’s strengths and weaknesses. Interestingly, several studies have jointly addressed resource and time constraints in the context of MS-RCPSP, often considering tardiness, and have proposed different algorithms, models, and metaheuristics to tackle these challenges. This paper clearly highlights research gaps and promising avenues for future research. This work provides valuable insights for project managers to effectively schedule tasks in the presence of multiple flexible resources.

ANALYSIS OF COST AND TIME PERFORMANCE IN THE WADUNGASRI MARKET CHANNEL NORMALIZATION WORK IN SIDOARJO USING THE EARNED VALUE METHOD

The construction project management for Wadungasri Sidoarjo Market Drainage Normalization aims to achieve cost, quality, and time objectives within a 100-day timeframe. This study addresses a 7.44% delay experienced by contractors, seeking to establish early warning mechanisms for poor project performance. The Earned Value Method is employed, integrating time and cost value concepts. Key indicators such as Cost Variance (CV), Schedule Variance (SV), work productivity index (CPI), time productivity index (SPI), project completion cost forecast (EAC), and project completion schedule forecast (ECD) are utilized. The results reveal a required cost of Rp 563,044,547.85 (ETC) and a 65-day timeframe (ETS) at the end of the 7th week, with a 0.64% increase in project completion cost (EAC) over the contract cost. The project completion time (EAS) is estimated at 114 days, reflecting a 0.14% extension. The analysis emphasizes the importance for construction service providers to implement efficient methods and consistent supervision to avoid delays in the Wadungasri Sidoarjo Market Drainage Normalization project.

Bi-objective optimization of a multi-mode, multi-site resource-constrained project scheduling problem

PurposeThis study aims to deal with the multi-mode resource-constrained project scheduling problem (MRCPSP) with the ability to transport resources among multiple sites, aiming to minimize the total completion time and the total cost of the project simultaneously.Design/methodology/approachTo deal with the problem under consideration, a bi-objective optimization model is developed. All activities are interconnected by finish-start precedence relations, and pre-emption is not allowed. Then, the ɛ-constraint optimization method is used to solve 24 different-sized instances, ranging from 5 to 120 activities, and report the makespan, total cost and CPU time. A set of Pareto-optimal solutions are determined for some instances, and sensitivity analyses are performed to find the impact of changing parameters on objective values.FindingsResults highlight the importance of resource transportability assumption on project completion time and cost, providing useful insights for decision makers and practitioners.Originality/valueA novel bi-objective optimization model is proposed to deal with the multi-site MRCPSP, considering both the cost and time of resource transportation between multiple sites. To the best of the authors’ knowledge, none of the studies in the project scheduling area has yet addressed this problem.

Solving Problems Efficiently in R&D Projects: An Empirical Study of the Application of Six Sigma Tools in an Industrial Research Center

Given the high uncertainty in R&D work, a key concern of R&D managers is to understand how to fail faster by managing time and cost efficiently among their R&D projects. This study investigates how using a variety of Six Sigma tools can differentially affect R&D project time and cost performance. Our data are collected from 35 R&D projects in an industrial R&D center, and a total of 30 different Six Sigma tools were found to be used in varying frequencies. We analyze this problem in two phases. First, by analyzing the frequencies of tool use in the 35 projects through factor analysis, we find the application of Six Sigma tools can be guided by two distinct patterns of tool use: design-oriented tools (DT) and non-design-oriented tools (non-DT). DT include quality function deployment and failure modes and effects analysis (FMEA) for defining and understanding of the focal problems, while non-DT include Pareto chart and design of experiment for generating and testing solutions for the defined problems. Second, based on the two categories of tool use, we further analyze the effects of the two patterns of tool use on project duration and project cost. Results show that using a variety of DT is associated with faster project completion and non-DT lower project cost. In addition, the use of Six Sigma tools (both DT and non-DT) is associated with shorter durations and higher costs for complex projects but lower costs and longer durations for less complex projects. That is, different modes of trade-ff between time and cost performance can occur when project complexity is considered as a moderating factor. Overall, our findings demonstrate new insights into how using a variety of problem-solving tools affects R&D project cost and duration simultaneously.

Multiobjective Project Scheduling with Multiple Compression Capabilities of the Multistate Activities with Project Reliability Approach using the Metaheuristic Algorithm

We examine the time-cost-reliability-project balance of the project by considering the limitations of renewable and nonrenewable resources and performing multistate group activities in the same conditions and with the possibility of multiple compression activities. This study aimed to select the best mode for conducting actions in each subset and find the best execution method by determining the number of compression time units of actions to maximize project reliability and minimize project completion risk, time, and cost. Drilling projects will also be implemented for evaluation in the Azar oil field. The exact Epsilon Limitation method was used to solve this problem in low dimensions. The combined genetic metaheuristic algorithm and particle swarming were used to solve high dimensions problems. The low-dimensional Epsilon solution method could clearly balance the objective functions. Also, the Taguchi experimental design method was used to adjust the parameters of the problem algorithm. The correct value of the algorithm parameters is also specified. Based on the results, the hybrid metaheuristic algorithm has less solution time than the exact method. In high dimensions, as it was observed, GAMS software could not solve the problem. Still, the hybrid metaheuristic algorithm solved the problem well in high dimensions.

Research on Project Completion Settlement Audit and Cost Control

Research on Project Completion Settlement Audit and Cost Control

Application of Soft Computing Techniques to Estimate Cutter Life Index Using Mechanical Properties of Rocks

The wear of cutting tools is critical for any engineering applications dealing with mechanical rock excavations, as it directly affects the cost and time of project completion as well as the utilization rate of excavators in various rock masses. The cutting tool wear could be expressed in terms of the life of the tool used to excavate rocks in hours or cutter per unit volume of excavated materials. The aim of this study is to estimate disc cutter wear as a function of common mechanical rock properties including uniaxial compressive strength, Brazilian tensile strength, brittleness, and density. To achieve this goal, a database of cutter life was established by analyzing data from 80 tunneling projects. The data were then utilized for evaluating the relationship between rock properties and cutter consumption by means of cutter life index. The analysis was based on artificial intelligence techniques, namely artificial neural networks (ANN) and fuzzy logic (FL). Furthermore, linear and non-linear regression methods were also used to investigate the relationship between these parameters using a statistical software package. Several alternative models are introduced with different input variables for each model, to identify the best model with the highest accuracy. To develop these models, 70% of the dataset was used for training and the rest, for testing. The estimated cutter life by various models was compared with each other to identify the most reliable model. It appears that the ANN and FL techniques are superior to standard linear and non-linear multiple regression analysis, based on the higher correlation coefficient (R2) and lower Mean square error (MSE).

The Critical Path Method in Construction Project Rescheduling

Generally, Projects have a deadline, which means the completion of the project must be on time because the successful implementation of a project is an important goal for both the project owner. Management involvement is required for executing the project more effectively and efficiently from the beginning of the task, project completion time and cost. The program needed to project scheduling, project completion time and cost. The problem discussed in this study is the CPM calculation result using Microsoft Project, how to identify the critical path and float in each activity with the CPM. The purpose is to obtain the results of time scheduling calculations using Microsoft project-based CPM, to analyze the critical path of the CPM, and to find out activities that have a grace period. Based on shop drawing, SNI analysis is carried out which is the starter to make project schedules with duration calculated from SNI analysis. The calculation result and data input carried out in Microsoft Project create 180 workdays with 22 activities are on a critical trajectory which takes 20,635 hours. After the authors reschedule the project implementation lasted 172 working days, there were 7 activities on the critical trajectory, spending 18,339 hours.

Impact of Risk Factors on Construction Projects’ Completion Cost in Nigeria

Construction projects are prone to a number of risks due to their complexity, dynamic nature, capital intensive nature and involvement of many stakeholders. These risks if left unmanaged will negatively influence the completion cost and other primary objectives of construction projects. Numerous studies have been conducted globally to determine the potential risks that negatively impacts construction projects; however, the risks aren’t alike across all the regions and the potential degree of impact may changes with time. This study assessed the impact of risk factors on completion cost of construction projects in Nigeria. Data was collected using structured questionnaires administered to 192 construction practitioners using convenience sampling technique. Descriptive statistics (mean and standard deviation) were used to analyse the data. The study found ‘inadequate cost estimate’ (MS = 4.39), ‘risk incurred due to bribery and corruption’ (4.30), ‘increase in prices of materials’ (4.25), ‘increase in cost of labour’’ (4.11), ‘poor cash flow management’ (4.04) ‘mistakes/errors in design’ (4.04) and ‘mistakes during construction’ to be the topmost risk factors that impact on project completion cost. The study concludes that ‘economic’, ‘financial’ and ‘contract administration and project management’ related factors group are those with high impact on project completion cost.

ANALYSIS OF PROJECT IMPLEMENTATION SCHEDULE USING MICROSOFT PROJECT (Case Study: Trenggalek City Square Area)

A project implementation schedule can be said to be successful if the implementation process can be completed in accordance with the planned time. Planning a good project implementation schedule must be supported by good project control. Because what happens in the field is not necessarily in accordance with what has been planned. By analyzing the cost and end time of project completion, it can provide detailed project performance schedule information. In this study, the analysis of the project implementation schedule is done manually, which is to make the S curve and use the Microsoft Project 2019 program. The method used is to enter the data related to the analysis into the program, then this Microsoft project will calculate automatically according to the formulas. calculation formula that has been made, so that the calculation of the project implementation schedule analysis will be faster and more accurate. The results of the cost analysis following the price of the Trenggalek district work unit for the renovation of the City Square is IDR. 6,078,136,530. Estimated schedule in planning the S schedule time curve with Microsoft Project 2019, there is a time difference of scheduling 39 calendar days or a difference of 1 month more that can save time and costs of implementing work. At the planning stage of scheduling with an S curve of 20 weeks or 140 days, using Microsoft Project 2019, the results obtained 101 days of project completion time. In the area of ornamental plants experiencing critical trajectory, due to the end of the work that is expected to be completed and handover, so it must add workers to be on target

Performance-Based Approach for Deciding Concrete Age for Healer Sealer Application on New Concrete

Healer sealer application is one of the capital schedule maintenance (CSM) activities for enhancing concrete bridge deck durability and extending the service life. A healer sealer is expected to seal the cracks and reduce the rate of chloride ion ingress. Highway agency policies and manufacturer specifications require maintaining a total of 28-day curing period (7-day wet and 21-day dry curing) before the application of a healer sealer on bridge decks with new concrete in patches and repairs. Consequently, the contractors have to wait for 28 days to apply a healer sealer. Delaying application time increases project completion time and cost of construction and mobility. This paper presents a performance-based approach for evaluating the possibility of reducing the 28-day waiting period for healer sealer application on bridge decks with new concrete. An experimental program was developed and executed to evaluate the impact of healer sealer application parameters on crack sealing ability. A healer sealer was applied at 14, 21, and 28 days of concrete age. The treated surface was ponded with 3% NaCl. The performance of the treated concrete was evaluated using the acid-soluble chloride content test. The results showed the possibility of applying a sealer before the end of the 28-day curing period stipulated in the current specifications. The performance-based approach presented in this paper can be used to identify the age of concrete for healer sealer application.

Uncertainty assessments of linear time-cost tradeoffs using neutrosophic set

Resource allocation via project scheduling plays an important role to balance project time and cost. In this paper, we are designing a framework to handle scheduling problems using neutrosophic activity duration times. We consider important aspects of time-cost tradeoffs while taking into account the real and uncertain situation surrounded by the projects. In real situations, there are many considerable aspects which should be considered by managers, for instance, the tradeoffs between the project completion time and cost and the uncertain conditions of the environment. Since the concept of the deterministic project scheduling and time-cost tradeoffs conflict with the real situation, where in many cases, some data on the activities durations of the project changes during the implementation process. Fuzzy scheduling and time-cost tradeoffs models assume only truth-membership functions dealing with uncertainties surrounded by the projects and their activities duration which are unable to handle indeterminacy and inconsistency. Therefore, neutrosophic theory is a better framework that takes into account the dynamic features of all parameters. Trapezoidal neutrosophic numbers are used to estimate the activities durations in this paper. The crisp model for activities time obtained by applying score and accuracy functions. The goal here is to minimize the cost of projects under uncertain environmental conditions.

Modelling construction completion cost in Ghana public sector building projects

The research suggests that project completion cost is affected by various predictive factors. Using 911 building projects undertaken in Ghana, this paper uses the multiple regression analysis to develop a forecast model that allows estimating completion cost of projects at the contract award stage. The proposed model uses initial contract sum, number of storeys, scope change and initial duration as predictive variables for projects completion cost. Initial contract sum has a more significant influence in completion cost with the other variable also contributing to the value of completion. Sensitivity analysis was carried out to determine the best performing model among the three models developed.

Predicting the project time and costs using EVM based on gray numbers

Purpose The purpose of this paper is to determine the project completion time and cost under non-deterministic conditions using interval gray numbers (IGNs). Design/methodology/approach The earned value management (EVM) method based on the IGN has been developed. Findings The EVM method based on the IGN has been verified by a numerical example that can be applied to construction projects. Practical implications The EVM method, based on the gray numbers, reduces the budget and time shortage risk. Also, using this method, the managers would not be restricted to provide very exact values in their progress reports in the non-deterministic conditions. Originality/value One notable and significant point in all projects during the execution process is to estimate the project completion time and cost. However, non-deterministic conditions for both planned and actual physical completion percentage of projects have not been considered for predicting the project completion time and cost in the literature. Therefore, the novelty of this paper is the prediction of project completion time and cost under non-deterministic conditions using IGN.

Evaluation of cost and time control in Lhokseumawe City improvement project using earned value method (Case Study Street Alue Raya-Line Pipa)

The purpose of this study is to evaluate the amount of cost and use of time that has been used in the Improvement Project Street Alue Raya-Line Pipa Lhokseumawe City. The method that used in this study is the concept of yield value (earned value analysis) review trends in schedule variants and cost variants for a period during the project. By doing this earned value study method, evaluating the completion of the project with BPWP = IDR. 864.310.464,06, BCWS = IDR. 393.436.638,08, and ACWP = IDR. 591.235.630,69, in terms of cost variance (CV) > 0 with cost performance index (CPI) > 1 so that is obtained project completion cost (EAC) 68% of a budget plan that is IDR. 2.037.182.494,70, while from the schedule aspects the project is decreasing in time by 47% of plan or 16 weeks to be 9,45 weeks indicated value SPI > 1.

Designing a resource-constrained project scheduling model considering multiple routes for flexible project activities: meta-heuristic algorithms

Resource constrained project scheduling problem with multiple routes for flexible project activities (RCPSP-MR) is a generalization of the RCPSP, in which for the implementation of each flexible activity in main structure of the project, several exclusive sub-networks are considered. Each sub-network is regarded as a route for the flexible activity. The routes are considered for each flexible activity that are varied in terms of: 1) Number of activities required to execute; 2) Precedence relationship between activates; 3) Allocation of different renewable and nonrenewable resources to each activity; and 4) Effectiveness on the duration and cost of project completion. In this paper, a new mathematical formulation of RCPSP-MR is firstly presented. Then, two solving approaches based on particle swarm optimization (PSO) and genetic algorithm (GA) are proposed to minimize costs of project completion. To evaluate the effectiveness of these proposed approaches, 50 problems (in very small, small, medium, and large-sized test problems) are designed and then are solved; Finally, comparisons are provided. Computational results show that the proposed GA generates high-quality solutions in a timely fashion.

EVALUASI PENGENDALIAN BIAYA DAN WAKTU PADA PROYEK PEMBANGUNAN JALAN STRATEGIS MATANG SIJUEK-TRIENG PANTANG DENGAN MENGGUNAKAN METODE EARNED VALUE

Time and cost are important aspects in a construcrtion project to achieve a desired success of the project. One way to control cost and time is to use earned value analysis (return value) that informs the data against the cost and time accurately and clearly. The purpose is to evaluate the amount of cost and usage time has been used in the on road paving projects in the Idi city sub district idi rayeuk district east aceh. The method used in this study is the concept of the value of the result (earned value analysis) examines the tendency of schedule variance and cost variance at a period during the project. By conducting this study of earned value project completion with BCWP =Rp.253,429,607.35 BCWS = Rp. 897,091, 753.ll and ACWP = Rp. 306,453,335. 79. Judging from the cost variance (CV) < 0, with cost performance index (CPI) <l in order to get project completion cost of Rp6,564,l 33,232. While aspects of the project Schedule is extra time -29.2% or 31 weeks ahead ofplan indicated SPI value < 1.Keywords : Cost, Performance, earned value, varians, index.

Stochastic Multi-variate Performance Trade-off Method for Technical Tender Evaluation

This paper presents a computational method called Stochastic Multi-variate Performance Trade-off (SMPT), which identifies optimal sets of construction methods for activities, hence appropriately trading-off the project completion time, cost, environmental impact, and quality. SMPT computes exact solution(s), near-optimal solution(s), and stochastic optimal solution(s) using an enumerative analysis, genetic algorithm, and simulation, respectively. This study is of value to project planners because SMPT identifies the sets of construction methods that satisfy user-defined constraints relative to specific performance indicators. SMPT is also of relevance to researchers because it facilitates experiments using different performance indicators, either jointly or independently. Three test cases verify the validity of the computational methods.

A quantitative risk assessment methodology for construction project

It is observed that most of the infrastructure projects fail to meet their cost and time constraints, which will lead to a low return on investment. The paper highlights that the present risk management tools and techniques do not provide an adequate basis for response selection in managing critical risks specific to infrastructure projects. This paper proposes a risk quantification methodology and demonstrates its application for an industrial construction project. A case study is used to present an application of the proposed risk management methodology to help organisations efficiently choose risk response strategy and allocate limited resources. The research adopts an integrated approach to prioritize risks using Group Technique for Order Preference by Similarity to Ideal Solution (GTOPSIS) and to quantify risks in terms of overall project delays using Judgemental Risk Analysis Process (JRAP), and Monte Carlo Simulation (MCS). A comparison between the results of qualitative risk analysis using GTOPSIS and quantitative risk analysis i.e., JRAP and MCS is presented. It is found that JRAP along with MCS could provide some powerful results which could help the management control project risks. The crux of this paper is that the risks are highly dependent on project schedule and the proposed methodology could give a better risk priority list because it considers slackness associated with the project activities. The analysis can help improve the understanding of implications of specific risk factors on project completion time and cost, while it attempts to quantify risks. In turn, this enables the project manager to devise a suitable strategy for risk response and mitigation.