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The construction project includes planning, scheduling, coordinating, budgeting and hiring the right and skilled workers for the job and Management. Different factors that are involved in construction are helpful to project the whole cost. The important factors are 4M’s those are Men, Material, Machinery, and Money. These 4 factors are co-related. Lack of any of the above four factors, will make the whole project unsuccessful.
I) Men: We should select skilled and experienced labor for the construction of a project. A skilled and experienced labors work efficiently and complete their task with in the time. By using skilled labor we can complete the project with in the given budget also. Labor rates vary from contractor to contractor, depending on the workers quality they hire. So it is important to choose right contractor for the successful completion of the project.
ll) Material: It is difficult to choose good supplier for materials. Cost of a construction project depends on the quality and quantity of the materials. We should select a good supplier who provides good material to complete the project with in the budget and with affective construction. Good material will reduce the maintenance cost and last long.
III) Machinery: Machinery also plays an important role in the construction of a project. Use well and specialized machinery, as specialized machinery will not create problems while doing work. If we use normal machinery, maintenance cost will increase and also the project may get delayed. So make use of good machinery initially, it may cost a bit higher, but the time and maintenance cost will be reduced.
IV) Money: Some of the money related items influence the cost. This involvement is not directly related to our construction project. These items include office support, advertising, facilities management, etc. Manage these costs and cover the cost of construction project to complete with in the given budget.