Updated: Aug 17, 2020
Whether you are a novice project manager or a seasoned professional, effective scheduling and budgeting are critical skills that are essential to any construction project. For every project, there is a unique schedule that will determine the time needed to complete a project and the amount of money that will be spent on materials and labor, and a budget that will determine how much is spent in the first place.
When a project is underway, everyone wants to get started on time and on budget. However, this is not always easy to achieve because it can take several months or even years to complete a project, and it can be difficult to know when the project is forecast for completion. The longer it takes to complete a project, the more money is lost, which is why effective scheduling and budgeting must be applied to each project in order to determine the best course of action for the best return on investment.
Every construction project is different, and the way in which it is planned and managed is going to be unique. However, there are several common things that all projects require in order for them to be completed on time and on budget. These include: a plan, a time estimation, a budget and a time schedule. The Baseline Schedule / Time Schedule is going to give you an overview of what the project is going to entail, as well as what the costs are going to be implemented and when they will be paid.
The time schedule is the amount of time allotted for the project. This is based on the size of the project and the amount of time it is estimated for execution. For a big Project, it may take longer to complete, so it is necessary to have a time schedule that allows for reasonable changes. The time schedule should be set up to include all of the elements of the project, including: when everything will start executing, the schedule for the major activities and what resources and material will be used, as well as the location and date of the start of construction.
If there is a massive construction project, it can take a longer time to complete, so the budget must be set earlier and to ease the Scheduling prospective. Because, the early budget shows when the project needs to be completed and not when the project has become over budgeted. Budgeting is important to ensure that the project can be completed on time and on budget, but it is equally important to know what is current project progress falls at & if the Budget is being met with the progress by current data date. This is called as Project Time and Budget Management. Every reporting period must sense it through Graphs, Curves or Progress Dashboards.
The budget is a document in which all expenses are listed. It is also used to set a budget for the project and to ensure that everything that has been or being spent is on budget, and to ensure that a good project is completed on time.