CONCLUSIONS AND RECOMMENDATIONS

5.1 Conclusions

We can easily draw conclusions by comparing the results of the analysis of all three cases and observing how successful or unsuccessful each case was in meeting the project's objective in terms of time for completion and cost (profit/loss).

First, we compare the time factor for the alternative simulations against the baseline and each other in Figure 5.1.

Clearly, Alternative 1 has been most successful in terms of time, owing to its professional and efficient approach. Alternative 2, on the other hand, has had a problematic execution phase and delayed completion.

Next, we compare the cost factor for the alternative simulations against the baseline and each other in Figure 5.2.

From Figure 5.2, it can be deduced that Alternative 1 was most successful in achieving the project's objective at any stage/interval of the project and in saving cost by actually completing under the budgeted estimate, resulting in a profit of US$21,780,879.

Alternative 2, on the other hand, was not only delayed in terms of time of completion, but the project did suffer a deficit of US$93,396,875. Alternative 2 was unsuccessful at all stages/intervals of the project.

Thus, we can see that under the considered circumstances, factors, and management approaches, this study negates the heuristic understanding prevalent in the practical field that time is inversely proportional to cost and that any steps taken to decrease time duration will necessarily result in a cost increase.

We can also conclude the following:

Alternate 1: Time and cost have both decreased.

Alternate 2: Time and cost have both increased.

Therefore, the relation demonstrated and observed here is that time and cost are directly proportional to each other when compared at the end of the project.

5.2 Recommendations for Future Study

Future study on the time-cost trade-off problem can be done by integrating the time-cost problem with imposed project constraints and by considering sociopolitical and environmental hurdles. This integration can be accomplished through the application of risk management theories, which mitigate for threats and opportunities that might become available, and by monitoring them during the project execution phase for enhanced results.