International Research Journal of Engineering and Technology (IRJET)
e-ISSN: 2395-0056
Volume: 10 Issue: 04 | Apr 2023
p-ISSN: 2395-0072
www.irjet.net
Risk Management and Cost Overruns due to delays in Construction Project using Primavera Madhura Durgaprasad Akant1 1MITCOM Project & Construction Management Department
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Abstract - The construction industry is critical to the
social factors. Construction is characterised by costly and time intensive manufacturing procedures that make it susceptible to project risks and failure, mostly in regards to time and expense. Many projects face significant delays, causing them to surpass their initial time and expenses forecasts. Construction projects are typically one-time events. A project team gets together to produce a one-of-akind development on a specific location under conditions that are unlikely to be duplicated.
socioeconomic development of any emerging country. building delays are possible in any building project. Construction delays occur regardless of whether the project is simple or complex. Construction time is used to evaluate the achievement of any project. Unexpected issues encountered throughout the conception, design, and construction phases can cause unwelcome delays in project completion. Scheduling and organizing are two of the most crucial components in completing a project successfully. Industry need necessitates specific design, scheduling, and administration to enable for total cost, time, and resource optimization. Due to increased workloads and shrinking resources, the public works department discovered new technology that aids in project management. There are numerous computer software’s available on the market today for project management, such as MSP, Primavera P6, and others. Proper project planning and scheduling can be accomplished with the assistance of this programme. Primavera will only compare the planned pace of building activity to the actual progress of the project. In Primavera, starting time, completion time, and length are documented by distinguishing between task and essential activity. The delays in the project's important activity are analyzed using the provided data and the Gantt chart created by Primavera. This initiative's goal is to identify construction project delays and recommend solutions for dealing with them.
1.1 Construction Delays A building endeavor is considered successful as it finishes on time, under budget, and to the satisfaction of all stakeholders. However, the majority of the projects did not conclude on schedule. Instead, due to the uncertainty of events and their distinctiveness, they finished ahead of or behind schedule. Delay in construction could be described as time overrun either beyond the completion date stipulated in a contract or beyond the date agreed upon by the parties for project delivery. It is a project that is running behind schedule and is a regular issue in building projects. The majority of project delays occur during the construction phase, where unforeseen circumstances such as environmental concerns and limits, ground conditions, and so on are constantly present. Construction delays increase overall project costs; therefore, finishing projects on time benefits all parties engaged in the project.
Key Words: Primavera P6, Scheduling, Gannt chart
1.2 Cost Overrun
1.INTRODUCTION
Cost overrun is simply described as "when the project's final cost exceeds the original estimates." Cost overruns are a typical occurrence in projects all around the world. Because construction cost is the most essential criterion for project success, construction project performance is commonly reported in terms of cost and variation from budget. The cost variation that results from project cost overruns has a negative influence on the economy and profitability. Despite existing literature, cost estimation methods, cost indices, and so on, building projects rarely reach their budgeted costs. Cost performance is the most important and common issue in the worldwide construction business, out of the four main restrictions of scope, cost, time, and quality.
The building sector is one of the primary areas that contribute significantly to the growth of an economy. Many projects, however, encounter significant delays and hence surpass early time and expense forecasts. Construction delays are regarded as a factor in project success in terms of time, cost, quality, and safety. However, construction has already begun to exhibit specialisation features for large buildings with diverse construction operations and an assortment of components and materials. Apart from recent achievements of standardisation of construction with modular or preengineered housing and prefabricated standardised components, concepts taken over from the manufacturing industries, the project-based organisational structure in construction has largely remained the same for centuries. However, despite its age, building remains an unsustainable business because of the triple bottom line of sustainability, which includes economic, ecological, and
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1.3 Risk Management Risk management (RM) is a concept that is employed in various industries, including information technology,
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