COST REDUCTION OF HIGHWAY CONSTRUCTION PROJECT USING MATERIAL PROCUREMENT METHODS |
Author(s): |
Ajinkya Makode |
Keywords: |
Cost Reduction, Management, Construction Technology. |
Abstract |
The profitability of construction projects can vary greatly, sometimes resulting in contractors losing money rather than making a profit. Project control in the construction industry is crucial to ensure projects are completed on time, within budget, and meeting all project requirements. Cost reduction techniques play a significant role in managing time and expenses effectively. The construction industry constantly strives to reduce costs, often by implementing innovative technologies and methodologies to enhance productivity. This paper discusses how proper material and inventory management techniques can lead to substantial cost savings, ultimately increasing project profitability. Various challenges such as poor planning, material shortages, delays, and communication issues can lead to cost and time overruns in construction projects. It is essential to analyze project costs and implement cost reduction strategies to carry out projects efficiently. By managing project costs effectively through cost reduction techniques, contractors can avoid financial losses and ensure the success of their projects. |
Other Details |
Paper ID: IJSARTV Published in: Volume : 10, Issue : 8 Publication Date: 8/3/2024 |
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