Published Paper Details:

Construction industry could be considered as a very important sector for development all over the World and the construction cost is the most important element in it. The construction project can vary from extremely profitable to barely worth it and sometimes end up costing the contractor more than what he or she is getting paid to complete it. In construction industry the aim of project control is to ensure the projects finish on time, within budget and achieving other project activities. Time and cost are two main concerns which increase importance of cost reduction techniques. Reduction of cost of construction is a constant goal for construction industry. One way of reducing construction cost is to develop innovative technologies as well as methodologies to increase productivity. This study was carried out to identify the factors affecting construction cost. The factors were identified based on case studies and market surveys. In this paper, we have studied different techniques for optimization. To minimize the construction cost and duration at each phase is important. It is a need to meet the present day requirements and to complete the project within the estimated time, cost, and available resources. Mainly affecting the factor on cost of project is delay in project and material. Several methods have been developed and applied to analyze the time-cost problems, but they can optimize only one parameter. Various low cost material also suggested for optimizing the cost of project along with maintaining the quality and strength of the project. Also various mathematical method and software based models studied for optimization. This study centers on assessing the cost of construction project and compare the construction cost with the optimized cost of the same building by using advance construction techniques and materials. Outcomes of cost study suggest that the construction cost of residential building project is reduced by 20-30%, 10-20% in infrastructural projects and 25-35% in industrial projects than the construction cost.