EFFECT OF PROJECT COST AND TIME MONITORING ON PROGRESS OF CONSTRUCTION PROJCT

During the construction phase it is the prime responsibility of project managers to monitor cost and avoid any overruns to maintain the cost baseline. Project monitoring is an ongoing process and its importance cannot be undermined during the project life cycle. It can be monitored by using traditional approach of direct reporting of actual cost against budget. However, the comparison of budget versus actual spending does not indicate the worth of the work which is completed at any given time. This approach does not portray the true cost performance of the project. In general Construction cost control consists of simply monitoring actual performance against cost estimates and identifying variances. It has been usually seen there is a lack of systematic and automated evaluation and monitoring system in construction project. Due to these limitations, this paper discusses traditional project monitoring practices in construction industry and proposes some guideline for improving cost management in fast, complex and uncertain construction projects. Such guideline involves the integrated application of Average Index formula and S-curves. This study discusses the result of questionairre survey conducted on various construction sectors to show how cos