Application of Time Management to Minimize Costs when Analyzing Construction Variances

Abstract

Minimizing construction costs by reducing construction variances improves a company’s competitive advantage, especially in a complex market. Using data from a construction company in the Dallas-Ft. Worth metropolitan area, variances were identified by studying a bar chart produced using a tool created with Visual Basic programing language that organizes data obtained from KOVA, a construction management software. Ninety percent (90%) of the time management spend organizing and filtering data was reduced using the tool. Consequently, Simple Linear Regression and Normal Distribution were used to distinguish variances and create projections for future data. Statistical methods in conjunction with programing language and construction management software were proven to be a useful combination of resources to reduce construction variances, minimize costs and improve managements productivity. Key Terms ⎯ Cost Control, Construction Variances, Time Management, Visual Basic Programing.