Question

What are the reasons for investigating the infl uence of schedules on project costs? What is the feasible budget region?

Answer 1

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The reasons for investigating the influence of schedules are as follows:-

1. Poorly defined project scope

This is the main issue when we consider the impact of schedule on the cost of the project, it defines how a change in schedule could be considered as a poorly defined scope and causes the escalation in the price of the project.

2. Uncertainty

Schedules that are not clearly defined causes uncertainty of materials, inventory, pricing agreement and essentially in the mind of the workers.

3. Lack of accurate information

Presents us with a lack of accurate information that could be potentially useful in maintaining the cost of the project.

4. Material shortage

This is sometimes caused due to improper schedule and therefore, impacts the cost.

Feasible budget reason can be thought of as the difference between the profile of early start time and the profile of late start time with respect to each other.