Standard methods of construction include the creation of building plans that are executed in a specific order, one at a time. In fast-track construction, some tasks are worked on simultaneously, reducing the overall amount of time needed to finish the job. This type of construction can allow contractors to more easily meet deadlines, but there are drawbacks to these methods as well.
Fast-track construction allows projects to be completed in the least amount of time possible. The number of days, weeks or months required is significantly reduced due to the methods used, and the project is typically completed much sooner than it otherwise would have been. This can save both time and money.
From a practical standpoint, fast-track construction is helpful in meeting specific deadlines. When a business has an immediate need for a building that is to be occupied as quickly as possible, fast track construction can make it possible. Many of the delays associated with standard construction projects are eliminated with this method. For a business that may be in a difficult position without the new building, it can make the difference between success and failure.
In fast-track construction, a project begins while some of the planning and architectural work is still being performed. Since not everything is pre-determined, people involved in the project must be willing to be flexible. Many decisions are made at the actual construction site while the work is in progress. The final details of the project are not determined until the planning stage ends, which may not be until the construction itself is nearing completion.
For projects that have required substantial construction loans, fast-track construction can make a significant difference in reducing loan costs. Owners are able to rent out the newly constructed facilities sooner, collecting rent sooner. This allows them to begin payment on the construction loan sooner. Ultimately, this can make an impact on the amount of interest that must be paid, potentially saving the owner money on the cost of the loan.
As attractive as fast-track construction is in many ways, there are those who prefer not to use it. Many businesses and organizations must know before any construction begins just how much the project is going to cost. For such groups, making decisions about the project while it is underway is not feasible. In these cases standard methods are used, so that costs are determined in advance and there are fewer surprises.