Cost Management For Lakeland Station Platform Assignment Sample

Introduction

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In this project the main thing that was done was to look for the different aspects of the management of cost of a project. It can be seen that managing the cost of a project becomes the most important for a project. Keeping this in the mind how the cost of a project of railway platform construction can be done was evaluated here.

Approximate & Preliminary Estimate

Approximate Estimate
SL No	Activity	Cost (million $)
1	Site cleaning	3.0
2	Site Survey	5.0
3	Substructure	15.0
4	Superstructure	30.0
5	Electrification	7.5
6	Signaling	4.9
7	Lighting	1.0
8	Finishing	0.5
Total	66.9

Table 1: Approximate Estimate

(Source: Self-created)

The table above presents the approximate estimate of the project. This is used before actually starting the project. It is done to find out the amount to start with the project. In the approximate estimate, the overall works were considered. No detailed works were considered here. It can be seen that the entire project was divided into different distinct phases. The possible costs of these stages were determined separately. The sum of the cost of these stages provides the total cost of the “approximate estimate”. From the table, it can be observed that the most cost is in the work of making the superstructure of the platform. At the same time, the least cost is incurred in the finishing work of the project.

Figure 1: Approximate Estimate Graph

(Source: Self-created)

The difference in the cost of the different works as mentioned in the “approximate estimate” is presented in the above image.

Preliminary Estimate
Sl No	Work Description	Amount (Million $)
1	Land Acquisition	14.2
2	Alignment & Formation	13.1
3	Station Building	6.5
4	Permanent Way	4.67
5	Shed Construction	4.94
6	Power Supply	8.6
7	Signaling & Telecom	5.6
8	Utilities	4.2
9	Traffic Integration & dispersal facilities	4.8
Total	66.61

Table 2: Preliminary Estimate

(Source: Self-created)

The details of the “preliminary estimate” were presented in this project. This is an estimate that is prepared before preparing the detailed estimate (Baena et al. 2021). This provides an arbitrary idea of what amount is going to be used in the project.

The main stakeholders that are going to be related to this project are as follows.

• Local Community
• Workers
• Government
• Private sector
• Other transportation system
• Material rate
• Price of masonry
• Human resource availability
• Rate change of population

Figure 2: Preliminary Estimate Graph

(Source: Self-created)

The cost of the different works mentioned in the preliminary estimate can be identified from the picture above.

Detailed Estimate

Detailed Estimate
SL No	Item	Unit	Quantity	Rate (Million $)	Amount (Million $)
1	Land
Land	1000 sqm	150000	0.0095	1.425
2	Alignment & Formation
Embankment	RKM	60.382	0.13	8.26
Bridge Extension	RM	1581	0.002	4.2
ROB Construction	no	2	0.285	0.57
Box under ROB	Each	2	0.054	0.109
Total	13.139
3	Station Building
Civil Works	Each	6	0.095	0.57
E & M Works	Each	6	0.019	0.114
Total	0.684
4	Permanent Way
At grade Ballast Track	km	61.77	0.068	4.2
Stable Sliding Ballast Track	km	3.3	0.053	0.17
Goods shed Ballast Track	km	6	0.053	0.32
Total	4.69
5	Shed Construction	LS	0.095	0.095
6	Power Supply
OHE	km	61.77	0.019	1.17
TSS	no	3	0.76	2.28
GS	LS	1	0.19	0.19
SCADA	no	1	0.095	0.095
SSP	no	4	0.057	0.228
M&P Items	LS	1	0.95	0.95
Rolling stock maintenance	LS	1	5.7	5.7
Total	10.613
7	Signaling & Telecom
Signal & Telecom	km	61.77	0.066	4.1
8	Utilities
OHE modifications	LS	0.38
Electrical crossing	km	61.77	0.0095	0.58
Cabling	LS	0.38
Signaling Building	LS	0.095
Other utilities	km	61.77	1	1.17
Total	2.605
9	Traffic Integration
Inter model integration	3.116
Public awareness	0.038
Total	3.154
10	Total of item 2-9	39.12
11	Design @ 2%	0.78
12	Consultancy & project management charges @ 6%	2.34
13	Total including design & management charges	42.24
14	Total cost including land	63.73
15	Contigencies @ 5%	3.18
Gross Total	66.92

Table 3: Detailed Estimate

(Source: Self-created)

A detailed estimate was prepared in this project, where it is observed that total 15 types of attributes are included in this table4. This table mainly indicates the detailed estimate of the budget and the gross total of all of the items. The gross total of the and the amount which is displayed in table is three thousands and five hundred twenty two dollars only. The various items and the costs are thoroughly reviewed and discussed here step by step. The overall contingencies are 5 percent in this file.

Figure 3: Project Schedule

(Source: Self-created)

The possible schedule & duration of the activities of the project were determined here.

Item	Particulars	Amount (Million $)	Weighted Percentage	Month																														Total %
Oct-23	Nov-23	Dec-23	Jan-24	Feb-24	Mar-24	Apr-24	May-24	Jun-24	Jul-24	Aug-24	Sep-24	Oct-24	Nov-24	Dec-24	Jan-25	Feb-25	Mar-25	Apr-25	May-25	Jun-25	Jul-25	Aug-25	Sep-25	Oct-25	Nov-25	Dec-25	Jan-26	Feb-26	Mar-26
1	Site Cleaning	1.139	2.915%	100.000%	100.000%
2	Survey work	4	10.235%	10.00%	90.00%	100.000%
3	Design & drawing	2	5.118%	15.00%	85.00%	100.000%
4	Installation of reinfoirced concrete frames	1.5	3.838%	12.00%	46.00%	42.00%	100.000%
5	Installation of cover plates	1.5	3.838%	18.00%	52.00%	30.00%	100.000%
6	Installation of wall plates	1	2.559%	38.00%	42.00%	20.00%	100.000%
7	Roofing device	0.5	1.279%	24.00%	50.00%	26.00%	100.000%
8	Rough floor covering	0.5	1.279%	15.00%	61.00%	24.00%	100.000%
9	Aereated concrete partitions	0.5	1.279%	44.00%	36.00%	20.00%	100.000%
10	Door blocks installation	2.5	6.397%	40.00%	60.00%	100.000%
11	Window block installation	3	7.677%	2.00%	36.00%	44.00%	18.00%	100.000%
12	Installation of ventilation equipment	3	7.677%	60.00%	40.00%	100.000%
13	Electric supply	10.613	27.157%	15.00%	25.00%	30.00%	30.00%	100.000%
14	Signalling	4.1	10.491%	15.00%	30.00%	34.00%	21.00%	100.000%
15	Finishing	2	5.118%	32.00%	32.00%	32.00%	4.00%	100.000%
16	Installation of roof equipment	0.095	0.243%	75.00%	25.00%	100.000%
17	Project closure	1.133	2.899%	100.00%	100.000%
Total	39.08	100.000%	0.000%
Total Percentage (%)				3.94%	9.98%	4.81%	1.77%	2.30%	2.00%	2.12%	1.07%	0.82%	0.64%	0.52%	0.78%	0.87%	0.46%	2.81%	3.99%	2.76%	3.38%	5.99%	7.14%	6.79%	8.15%	9.72%	3.15%	3.57%	3.84%	1.64%	1.64%	0.39%	2.96%
Cumulative Percentage (%)				3.94%	13.92%	18.73%	20.49%	22.80%	24.79%	26.92%	27.99%	28.81%	29.45%	29.97%	30.75%	31.62%	32.09%	34.90%	38.89%	41.66%	45.03%	51.02%	58.17%	64.95%	73.10%	82.82%	85.97%	89.54%	93.38%	95.02%	96.65%	97.04%	100.00%

Table 4: S-Curve Analysis

(Source: Self-created in Excel)

This chart is basically the final analysis and the detailed review of the s-curve. In this project the cost of the different stages were determined. It is toi be noted that in teh different stages of te project there were different works were involved. The c

Figure 4: S-curve

(Source: Self-created)

On the basis of the detailed estimate, an S-curve analysis of the project cost against time was performed here. It is observed that the graph is started from the value of zero which generally indicates the time span of this graph. The estimated cost which is displayed here as percentage. The value of the s-curve is increasing in this graph which is significantly very important in this file.

Plant Procurement

With the significant plant obtainment for the hardware involved nearby in the development of the Lakelands Station, there are a few choices accessible that should be thought of. These choices spin around elements, such as endless purchase period, hire period, future-project assumptions, and also the future and present worth of cash (Jang & Kim, 2023). The future finance plans and loan fees are also included here. The overall discussion is mentioned below.

Purchase and purchase period

One of the major choices in this study is to purchase the necessary hardware for the system. Generally, this takes into consideration full proprietorship and command over the gear. However, it is critical to think about the purchase period and assess whether the devices will be used past the finish of the Lakelands Station project. On the other hand, it can be expected for the span of the task and it could be all the more economically reasonable to think about different and various choices.

Hire and hire period

The choice in this study is to hire the all necessary apparatus and hardware that are mainly required. This considers flexibility as far as selecting the right apparatus for the project and reduces the forthright expense of the system. However, the hire time frame can be arranged and modified in view of the measured span of the venture (Li et al. 2021). Recruiting the apparatus can be a useful arrangement on the off chance that the gear isn't supposed to be reliably used after the Lakelands Station project.

Finance arrangements

In the event that buying the apparatus and devices is the favored choice, financing is one more road to inspect. Generally, this includes getting credit to take care of the direct expense of the hardware and increasing the installments over a settled-upon period (Kaewunruen & Lian, 2019). However, it is important to consider the loan costs and financing terms while assessing this choice.

Future Expectations

The most ideal choice for this significant plant obtainment will depend on various variables. These combine the length of the project, anticipated future usage of the apparatus, devices, spending plan, and financial composure of the association. Generally, directing a thorough money-saving advantage examination and talking with financial specialists can help in settling on an educated choice (Raposo et al. 2019). However, it is helpful to consider the possible resale worth of the apparatus assuming it is normal to be over to prerequisites after the completion of the Lakelands Station project.

Life Cycle

Figure 5: Cash Flow Diagram

(Source: Self-created)

The details of the difference where cash either goes out or comes in are described here.

Figure 6: Cash Flow

(Source: Self-created)

The variation of future costs during the entire life cycle of the project is shown here in the form of cash flow.

Ticket Price

The price of the ticket on public transport is a crucial choice that requires a cautious thought of different elements. For the basic situation of the proposed Lakelands Station, which is deeply analyzed in this document, is very important to investigate the following elements to determine the favored ticket cost and the pricing options under the zone framework.

The Construction Costs

The expense that is acquired in constructing the new station must to be considered and measured while setting the ticket costs. However, the higher construction costs might require higher ticket costs to improve the quality of investment.

The Profit Expectations

The public transport specialist and the authority should consider the profit and the expectations from operating the Lakelands Station. It is very obvious that it needs to regulate the obligation for reasonable charges with the requirement for producing adequate income to take care of operating costs and guarantee sustainability.

The Economic Benefits

However, the more wide and major economic benefits resulting from the substance of the Lakelands Station should be thought of. Generally, this could include various factors like better work valuable open doors, further developed disposal, and upgraded network, which can be figured and generalized into the ticket pricing choice.

Breakeven point in years

Generally, the period likely for the Lakelands Station to arrive at its breakeven point ought to be thought of (Powell et al. 2020). However, in the event that a longer period is normal, the ticket costs might be set higher to assure financial suitability.

The Alternative modes of travel options: Alternative options are very important and most needed options for the transport. The ticket costs must be sufficiently cut the urge of workers to pick the public transport over other vehicles.

Metropolitan car use

The effect of ticket costs on metropolitan car use should be carefully surveyed. However, the assumed costs of tickets are set excessively high, which might frighten individuals from using public transport.

Environmental issues

The overall environmental benefits of public transport, like reduced carbon outflows and obstacles, should be thought of. However, the ticket costs can be set in a particular manner that urges more individuals to pick up public transport this process can reduce the dependency of an individual on public transport.

Intangible benefits

There are various intangible benefits of this transport, such as working on personal fulfillment and discounted pressure because of obvious down drive times, which must be considered and measured while determining the costs of the ticket (Wu et al. 2023). However, these benefits might not have a direct economic worth but rather can assist with appealing to more workers to public transport.

Long-term transport solution

The Lakelands Station ought to be observed as a long-term transport solution that takes extraordinary care of the developing needs of the local area (Evans, 2022). Ticket costs ought to be set in a way that guarantees the economic sustainability and development of the public transport framework nearby.

Sensitivity Analysis

Assuming that the construction costs are higher, it might have to charge higher ticket costs to recuperate the investment. However, on the other hand that the public transport authority goes for the expectations or on the other hand expects huge economic benefits which are normal from the foundation of the Lakelands Station. Generally, it might choose to set ticket costs somewhat higher to create more income. This would support with covering working costs and further investment in educating the public transport infrastructure (Zhang & Meng, 2019). However, the sensitivity analysis was used to support the understanding and the expected effect of these variables on ticket pricing choices.

Go or no go decision

Several important factors must be taken into account while selecting whether to build the Lakelands Station:

Economic Timing

It's important to evaluate the condition of the economy right now. Going forward now can be financially wise if economic signs are encouraging, such as stable market prices and government support for infrastructure spending. Delays in projects involve the risk of higher expenses or lost opportunities.

Social Needs

The project needs to take care of the community's social needs. The station may improve availability while improving traffic flow and movement options. It may also contribute to improving the quality of life for residents by offering a public transit system that is easier to use and more effective.

Environmental considerations

The impact on the environment is important. It is essential to evaluate the possible damage to the local ecosystems, habitats for wildlife, and air quality (Denny & Latham, 2020). Using sustainable and environmentally friendly behaviors, such as using environmentally friendly equipment and decreasing carbon emissions, can lessen negative effects.

Political Motivations 

Politics can have an important effect on the choice. The project could be supported by elected leaders for reasons like campaign promise fulfillment or helping the local economy. In order for the project to be approved, political alignment may be a major factor.

City Development Plans

It is crucial that the project be integrated with the city development plans. It ought to be consistent with the city's targets for the future, urbanization objectives, and transit infrastructure (Chang et al. 2020). A well-planned strategy makes sure that the station supports the expansion and development of the city.

Overall Feasibility and Viability

A thorough feasibility analysis is crucial. This entails analyzing cost projections, locating funding options, and estimating the possible ROI. Whether a project is long-term financially feasible and sustainable will be determined through a thorough investigation.

There are many reasons for building the Lakelands Station. Firstly if the marketplace is strong, continuing may be financially prudent. Additionally, it addresses pressing social needs while enhancing accessibility and standard of life. The project's compatibility with city development goals as well as its overall viability make it an important benefit to the neighbourhood (Li et al. 2021). This project is also compatible with the political view because the elected leaders may be an important part of helping the local economy. The station may improve availability while improving traffic flow.

Conclusion

In this project the first thing that was done was to prepare “approximate estimate” and “preliminary estimate” of the selected project. Moreover the detailed estimate of the project was also prepared here. With the help of the cost of the project, a S-curve analysis of the project was performed here. In addition to this, the details of the plants that can be used in the project is also present here. The details of the factors on which the price of the ticket depends is also present here.

References

Journals

• Baena, E., Fortes, S., Alay, Ö., Xie, M., Lønsethagen, H. and Barco, R., 2021. Cellular network radio monitoring and management through virtual ue probes: A study case based on crowded events. Sensors, 21(10), p.3404.
• Chang, K.C., Chu, K.C., Wang, H.C., Lin, Y.C. and Pan, J.S., 2020. Energy saving technology of 5G base station based on internet of things collaborative control. IEEE Access, 8, pp.32935-32946.
• Denny, S. and Latham-Green, T., 2020. What Impacts does Integrated Moorland Management, including Grouse Shooting, have on Moorland Communities. A Comparative Study.
• Evans, D., 2022. Re-making Networked Platforms: A Practice Based Exploration of Networked Retreat (Doctoral dissertation, Goldsmiths, University of London).
• Jang, Y. and Kim, S., 2023. Development of a Decision Model for Korean OTT Service Users to Adopt Wireless D2D Caching Networks on Their Mobile Devices.
• Kaewunruen, S. and Lian, Q., 2019. Digital twin aided sustainability-based lifecycle management for railway turnout systems. Journal of Cleaner Production, 228, pp.1537-1551.
• Li, Y., Han, M., Yang, Z. and Li, G., 2021. Coordinating flexible demand response and renewable uncertainties for scheduling of community integrated energy systems with an electric vehicle charging station: A bi-level approach. IEEE Transactions on Sustainable Energy, 12(4), pp.2321-2331.
• Li, Y., Wang, X. and Dong, X., 2021. Delineating an Integrated Ecological and Cultural Corridor Network: A Case Study in Beijing, China. Sustainability 2021, 13, 412. Sustainable Integrated Clean Environment for Human & Nature, p.289.
• Powell, J.R., Berry, R., Smith, K., Lake, J. and Gaskell, P., 2020. Assessing SHINE features in the Lake District National Park using the NCA/Cultural Capital process.
• Raposo, A., Durão, A., Estradas, A. and Ribeiro, I., 2019. Technology as a tool to enhance motivation and learning. Environmental Engineering, Photogrammetry, geoinformatics-Modern technologies and development perspectives.
• Wu, Y., She, D., Xia, J., Song, J., Xiao, T. and Zhou, Y., 2023. The quantitative assessment of impact of pumping capacity and LID on urban flood susceptibility based on machine learning. Journal of Hydrology, 617, p.129116.
• Zhang, J. and Meng, M., 2019. Bike allocation strategies in a competitive dockless bike sharing market. Journal of Cleaner Production, 233, pp.869-879.