For successful completion of any project, both the timing and costs have to be carefully planned, monitored and controlled. These two parameters are obviously interdependent, but none the less they are often treated separately. It is clearly fallacious to say that a project is on time simply because the expenditure matches the budget; this is most likely to be a warning of an over-spend and over-run. Equally, to monitor the progress solely by performance is also misleading since a project may be kept up to schedule by using overtime working and other costly resources.
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