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Research Paper Volume 3 Issue 5 January 2016 International Journal of Informative & Futuristic Research ISSN: 2347-1697 Effective Techniques In Cost Optimization Of Construction Projects Paper ID IJIFR/ V3/ E5/ 031 Page No. 1646-1658 Subject Area Civil Engineering Keywords Time, Optimization, Cost, Contractors, Problems M.Tech. Student, Department of Civil Engineering, 1st Anuja Rajguru Prof Ram Meghe College of Engineering & Management, Badnera- Amravati , Maharashtra(India) Assistant Professor, Department of Civil Engineering, 2nd Parag Mahatme Prof Ram Meghe College of Engineering & Management, Badnera- Amravati , Maharashtra(India) Abstract In the construction projects, cost and time are the main aspects to be considered in the planning of every project. It is a difficult task used by project managers in practice, which include evaluation of plans, corrective actions and constantly measuring progress should be taken whenever required. Cost optimization is an important issue in construction project management. It is mostly used by contractors and needs to carry out throughout the life of a construction project. A brief Questionnaire with a contractor, consultant, developer, Project manager found out that the contractor lack the knowledge of cost optimization system. Hence, a research is carried out to study the cost optimization method in a construction project, to identify the cost optimization method frequently used by contractor during the construction stage and to identify the problem faced by the contractor in optimizing the costs on site. The availability of qualified expertise is the main problem faced by contractor in optimizing the costs on site. The duration of the project and ever changing environment are the least problem faced by contractor in optimizing the costs on site. Available online through - http://ijifr.com/searchjournal.aspx ©IJIFR 2015.All Rights Reserved 1646 www.ijifr.com ISSN: 2347-1697 International Journal of Informative & Futuristic Research (IJIFR) Volume - 3, Issue -5, January 2016 Continuous 29th Edition, Page No.:1646-1658 1. Introduction With the liberalization of the Indian Economy and Globalization, there is now a competition from various concerns of the world (T.Subramani, P S Sruthi, M.Kavitha, June 2014). As a result there is now a race to secure a place for survival. A many of challenges has to face by the construction industries which include design and constructability issues, land acquisition issues, adverse political changes, shortage of talent, time and cost related issues, rising material and labour costs, structural changes. Time and cost are two main factors in a construction and they are used for planning the construction project due to which there is increase in importance of time and Cost optimization in construction projects. It is important to estimate the time and cost of each activity through which the total duration and total cost of the project are determined for the planning task. Optimization is a systematic effort made to improve profit margins and obtain the best results under given circumstances or situations. The cost optimization is a process that should be carried out throughout the construction period to ensure that the cost of the building is kept within the estimated cost limits. The cost optimization can divide into two major areas; the optimization of cost during design stages and the optimizing the cost by the contractors once the construction of project has started. Cost optimization of a project involves the collecting and measuring the cost record of a project and the work progress. It also includes the comparison of actual progress of project cost with the estimated. The main objective of cost optimization of a project is to gain the maximum profit within the design period and with satisfactory quality of work. 2. Literature Review  A.S. Ali, S.N. Kamaruzzaman (2010), as per the author for management of construction 4 parameters important are as follows: scope, cost, time, and quality. the main aim of the author is to find out the problem or parameters which contribute for the cost overrun. for this they carried out the quaternary survey on the live projects. for the data analysis the method used is quantitative

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