TIME – COST – QUALITY: THREE IMPORTANT FACTORS OF A CONSTRUCTION PROJECT
Time, cost, and quality are three significant qualities in managing construction projects. Acquiring these elements in balance will limit the construction duration with the complete venture cost, and expands the all-out quality that could characterize the progress of a developing project. However, is it really possible to acquire all these three at the same time in a construction project? Let’s try to see on how we can utilize these factors as a contractor.
TIME, COST, and QUALITY
Let us define first each of these qualities and determine how they affect a construction project.
- The elapsed period from the beginning of the construction works up to handing over to the client is viable for a contractor. The time for completion is an important concept in the progression of the project. Failure to adhere under the given time written in the signed project may conclude to a breach of contract and then the contractor may suffer to some damages specially to the given trust of the client.
- A great deal of construction cost mostly determined by function, geometry, specifications, emphasis on whole life costs, legislative constraints and socio-economic factors. It is also being determined depending on the market situation for materials as well as professional labors. Lower cost means higher profit but these factors may compromise the quality of a project specially if the materials used are below standard.
- This quality serves as set of security for the given project based on owner’s expectation and desires. It defines on how the project was constructed in proper standard of scope of work. It also measures the risk of chances that can happen within the construction. Focusing on these area of quality means improved the safety of project.
CAN WE ACHIEVE THESE 3 QUALITIES IN A CONSTRUCTION SIMULTANEOUSLY?
In reality, achieving these qualities might be a hit to the moon for a contractor. According to the Builk Founder, Mr. Patai Padungtin it’s nearly impossible have all these characteristics at same time. You can only choose 2 out of 3 attributes in a project. It’s either you choose from TIME-COST, TIME-QUALITY, or COST-QUALITY. So, which one do you think is the best one to achieve and what is the most common quality in the industry?
This is the most common qualities in the local industry. Contractors are focusing on making a project with lesser time bound at budgeted cost. These attributes are very common on real estate industries since high volume of Filipinos are actively searching for affordable furnished housings.
This is the most ideal qualities that a contractor can have. It focuses on the safety and sustainability of the project at lesser time constraints in exchange of higher cost. This is impracticable on the side of clients since they will have to open up more budget or also with contractors as their profits is lesser.
This is the most unfeasible qualities due to the time period in a project is neglected during the construction. This attribute aims to achieve the full client satisfaction since the cost occurred is lesser and but the standard quality is attained. However, the time consumed for the project is extended or indefinite based on the signed project contract.
TIME – COST – QUALITY, these 3 important factors in balance for planning and controlling the project shall minimize the project duration, total costs, and maximize the total quality for sustainability as well as safety of the construction. But as much as we want to achieve these attributes, it is almost nonviable for a contractor and clients specially every factor is crucial. What we can do is we must choose wisely on which attribute should we select depending on type of projects. We can also cost-monitor our project and analyze your data with regards to company’s budget for FREE thru Builk Software. But the top priority should be safety and sustainability of the construction since lives of the people is dependent on it is foundations.