Any construction project management has two philosophies, i.e. time-driven and cost-driven. Managing cost of construction project with completion in time with high quality and achievement of objectives is called project management.
A project shall have its own characteristics set aside so that it can be completed within budget and time. As cost and time for a construction project are interdependent, these shall be carefully planned. An increase or decrease in construction project time affects the budget of construction projects. These set characteristics define the projects and helps in completing the project in time.
Following are the characteristics of a construction project:
- The project should have a specified target.
- The project should be unique and cannot be replicated with the same task and resources giving the same results.
- The construction project should satisfy the owners requirement and expectations from the project.
- The construction project should not be a routine work, although there are some aspects that are routine.
- The construction project shall consists of a number of associated activities contributing to the project as a whole.
- The time limit for completion of project shall be defined.
- The Construction project is complex and it involves a number of individuals from different departments. So, right coordination shall be setup within departments.
- The project manager must be flexible to accommodate any change that might occur during the project.
- There are factors of uncertainty such as the performance of individuals, how their skills adapt to unfamiliar work, and other unknown external influences.
- The total cost of construction project shall be defined and project shall be completed within the given budget.
- The project should provide unique opportunities to acquire new skills.
- The project gives impetus to the project manager to adapt to working under changing circumstances, as the nature of the project is change.
- There are risks with each step of the project, and the project manager should manage those risks to reach the project goal.