real time in construction project?

Question

definition of the real time

Answer 1

When the company I work for brings an asset into a shipyard for repairs (or signs a contract for new construction) we have a schedule. This schedule is an estimate.
The real time to finish the project is the number of days from the time work began to the time work was completed.
The actual date of completion is not always the same as the estimated date of completion (it rarely is). This means that the real length of the project often differs from the estimated length of the project.
Some contracts are written to penalize the yard if the construction job takes longer than the contract schedule. (This penalty is called demurrage and is charged in $/day - as specified in the contract.) Real project time vs. estimated project time is also used by companies to get a feel for how well a construction yard is doing. If the two are typically in the same ballpark I know that when the yard quotes a time and cost for a certain project that I can be pretty sure that this quote is reasonable. If a yard consistently has much longer real times than estimated times I know that they are either short on man-power or are very optimistic with their quotes.
Real time typically does not take weather days into account. Real days would be the number of days (including weekends, holidays and days the yard is shut down due to inclement weather) since the project began, but working time is the number of days since the project began MINUS the days the yard must close.