Construction company got a contract for constructing a foot-over bridge. It appointed an engineer to take charge of the same. The engineer was instructed that the work should be completed within a period of two months with maximum cost of 5, 00,000. Any negative variation in the cost beyond 5% should be brought to the notice of authorities immediately. He was also asked to keep a special check on the supply of construction material as if it is not supplied in time then, the entire project would get delayed. Which concept is being referred to? Discuss. [3]
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The concept of project planning and budgeting is being referred here. The techniques of defining a timeline of a project, identifying the resources of the project and the budget required for the project, its implementation phase, all comes under project planning and budgeting. In project planning, one outcome may be dependent on several others such as material availability, quality and cost and if anything goes out then it effects the overall project plan
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