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Questions and Answers
Time cost trade off involves making decisions about the allocation of resources, particularly ______ and money, to achieve specific project objectives or goals.
time
Project time cost trade off analysis is a critical project management technique used to make decisions about how to allocate resources (typically labor and sometimes additional expenses) to reduce the project's duration or ______.
time
Critical path is the sequence of tasks that determines the project's overall ______.
duration
Project financing costs in a construction refer to the expenses associated with securing the necessary funds to plan, develop, and complete a ______ project.
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Interest cost is loan or borrowed money associated when the owner developer don’t have all the necessary money to fund the ______.
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Study Notes
Time Cost Trade Off
- Involves allocating resources effectively, mainly time and money, to reach specific project objectives.
- Essential in decision-making to balance between time constraints and budget limitations.
Project Time Cost Trade Off Analysis
- A vital project management technique focused on resource allocation.
- Aims to decrease project duration by redistributing labor and possible additional expenses.
Critical Path
- Represents the sequence of tasks that defines the total duration of the project.
- Understanding the critical path helps identify which tasks directly impact the project timeline.
Project Financing Costs in Construction
- Encompasses expenses related to obtaining funding for planning, developing, and completing construction projects.
- Crucial for ensuring projects are adequately financed throughout various phases.
Interest Cost
- Refers to the cost of loans or borrowed funds when full project financing is not available.
- Interest expense can significantly affect project budgets and timelines.
Construction Insurance
- Covers costs related to protecting against risks like accidents, property damage, and delays during construction.
- Essential for safeguarding investment and ensuring project continuity.
Land Acquisition Cost
- Involves expenses associated with purchasing land if the project requires it.
- Includes costs for property purchases, which can impact overall project budgeting.
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Description
Test your knowledge on Time Cost Trade-Off and Project Time Cost Trade-Off Analysis with this quiz. Learn about the decision-making process of allocating resources, such as time and money, to achieve project objectives. Understand the critical techniques used in project management to reduce project duration.
