CONTROL OF PROJECT TIME IN BUILDING CONSTRUCTION
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- Qualitative
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- NGN 3000
INTRODUCTION
The construction industry has evolved into an ever more intricate web of linkages between ever more rapid processes, choices, and actions. On the other hand, there is a movement in the direction of more sustainable practices (Boussabain, 2022).
A construction project, like any other project, consists of many phases of development that are distinct from one another in terms of the amount of time and financial resources that are required for its successful completion. When it comes to money, the construction phase of a building project is by far the most important one. Research has shown that sometimes as much as 95% of the total project cost is spent on the completion of this particular phase. Because of this, the costs incurred during the construction deserve special attention in terms of cost dynamics, which can be defined as the allocation of costs in relation to time (Bromilow, & Davies, 2021).
In the context of building projects, doing an assessment of how costs are distributed in light of available time is an urgent matter. It relates in part to the examination of the regularity of the connection between these two variables across the different phases of the project, or, to put it another way, it relates to the analysis of the potential of employing the s-curve approach in relation to specific activities and issues (Boussabain, 2022).
When a building contract is finalized, the entire cost of the works is determined; however, the data on the monthly allocation of cost, which is often presented using the s-curve approach, remain unclear. In Croatia, relatively little academic work has been done in relation to the application of the scurve technique or its further development. An examination of the relevant published works reveals that the authors primarily concentrate their attention on the investigation of curve trend analysis and the development of an information system for planning and controlling project cash flows. This was discovered through an examination of the relevant published works (Hudson, 2021).
The data on building projects carried out in Croatia that were created as a result of the study that was carried out and examined subsequently on the basis of statistical methods for the processing of database systems and system theories. Several conceptual approaches to construction organization and planning, as well as project management, were utilized during the course of the research's execution of certain aspects. In order to develop a methodological proposal for modeling the cost scurve, regression techniques and best-fit analyses were utilized. In particular, quantitative and qualitative assessments of the theory of risk management were utilized as part of this process (Hudson, 2021).
The part of a project known as "time control" is the component that ensures the project will be completed on schedule and without exceeding its allotted budget. Controlling the amount of time spent on a project starts early on with planning and continues all the way through to the completion of the project with a post-implementation evaluation. This control requires active participation at every stage of the process. The right level of control should be determined for each project; maintaining an excessive amount of control requires an excessive amount of time, while maintaining an inadequate amount of control is highly unsafe. In the event that project time control is not successfully implemented, the associated costs to the company should be broken down into the following categories: mistakes, repairs, and additional audit fees (Boussabain, 2022).
Cost, risk, quality, communication, timing, adaptability, procurement, and human resource management all require their own separate control systems. In addition, auditors need to take into consideration the significance of the projects to the financial statements, the degree to which stakeholders are dependent on the controls, and the total number of controls that are in place. Auditors are obligated to conduct a thorough evaluation of the procedures and processes involved in the development process (Boussabain, 2022). If it is necessary or desired to do so, an evaluation of the development process as well as the quality of the finished product is possible. A company could ask an auditing firm to be engaged in all stages of the process in order to identify any issues at an earlier stage, when they are more straightforward to resolve. An auditor may participate in a project either as an independent auditor or as a controls consultant as a member of the development team.
Businesses may employ formal systems development methods. These factors contribute to the success of the system development process. It is more effective to create robust controls through a formal process, and auditors should assess this process to ensure that it is effectively planned and that it is implemented in practice. A solid documented strategy for the growth of the system outlines (Bromilow, & Davies, 2021).
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