COST AND TIME MANAGEMENT

Cost and Time Management

Name of Writer

Name of Institution

Table of Contents

Executive Summary4

1.INTRODUCTION4

2.PROJECT LIFE CYCLE5

2aProject Time Frame6

2bLife Cycle Diagram7

3. PROJECT TIME PLANNING7

3a Gantt Charts7

3bMilestones8

4. TIME DEFINITION - TIME ESTIMATION9

Bottom-Up Estimating10

Top-Down Estimating10

Comparative Estimating10

Parametric Estimating10

Three-Point Estimating11

5. NETWORK ANALYSIS11

5bNetwork Diagram12

6. COST PLANNING12

6aStrategic Cost Planning12

6bProject Funding and Leasing14

7. COST DEFINITION14

Design Estimates15

Bid Estimates15

Control Estimates16

8. COST MONITORING AND CONTROL17

8aCost Monitoring and Control Procedures17

8bCost Histogram of Project Budget19

9. EARNED VALUE (EV) ANALYSIS AND CHARTS19

10. CONCLUSIONS & RECOMMENDATIONS20

Recommendations for the Plan Includes:21

References23

Cost and Time Management

Executive Summary

This assignment is about a construction project (construction of a railway track). This report has been prepared to analyse the scope and the project time and cost management of Queensland Rail's Keperra to Ferny Grove Duplication project. It will detail how the project was managed and defined throughout the lifecycle of the project and discuss the way the costs were managed.

The project chosen for this report is the Keperra to Ferny Grove duplication project which involves Queensland Rail duplicating 2.6km of railway track and associated railway systems between two train stations with upgrades to the passenger platform precinct of one passenger station to meet operational requirements. It will also involve the decommissioning all disused rail systems in this area. The project will improve access to commuters on this railway line enabling trains to pass on the duplicate track.

1.INTRODUCTION

This report has been prepared to analyse the scope and the project time and cost management of Queensland Rail's Keperra to Ferny Grove Duplication project. It will detail how the project was managed and defined throughout the lifecycle of the project and discuss the way the costs were managed.

The project chosen for this report is the Keperra to Ferny Grove duplication project which involves Queensland Rail duplicating 2.6km of railway track and associated railway systems between two train stations with upgrades to the passenger platform precinct of one passenger station to meet operational requirements. It will also involve the decommissioning all disused rail systems in this area. The project will improve access to commuters on this railway line enabling trains to pass on the duplicate track.

The project is being funded by the Queensland Governments' South East Queensland's Infrastructure Plan for 2009-2026. As part of this plan initial funding of $62.8 million was committed to delivering this project. Additional funding was also provided by Department of Transport and Main Roads and Translink to meet a total project budget of $85 million. The scope of this project is to be managed and delivered within the $85 million budget. Without this project proceeding, there would be limited potential to increase the service capacity of the commuter trains as this line would remain with only a single rail track between Keperra and Ferny Grove allowing only one train in this area at a time.

This project is currently in the final stages of track construction which is due to be commissioned in April 2012. Preparation is currently under way for asset management handover to the client.

2.PROJECT LIFE CYCLE

Throughout 2009 and 2010, community members were ...