TIME COST TRADE OFF

By manipulating (adding or reducing) the resource in a project, we can have a range of possible solutions and obtain a number of project durations and the corresponding minimum cost. Concern should be to see whether this extra commitment of resources is worth spending and whether this extra expenditure is commensurate with the cost economics of the project. We have therefore, to find out an optimum time cost solution to the project. Hence "Time Cost Trade Off" is meant to determine the following three aspects:

  1. Determination of that project duration for which the cost is least;
  2. Determination of the least cost for reduction in project duration to a specified or stipulated date; and
  3. Determination of the Time-Cost-Risk relationship ...

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