project scheduling - the relationship between time and cost

Project Managers must understand the relationship between time and cost. It would seem obvious that the shorter the project duration the lower its cost. This, however, isn’t always the case. Sometimes a project with a short duration results in a congested project site and inefficient utilisation of the project resources, or excessive peaks and troughs in the resource histograms. It’s therefore important the schedule is optimised to be as short as possible without compromising the quality and safety on the project, yet also ensuring the project resources are utilised efficiently.