Cost and Time Overrun in Various Construction Projects: A Review

Abstract

A common problem being faced in the construction industry is that work completion after stipulated time frame and that also with some additional expenditure than that estimated at the time of commencement of project. Irrespective of any specific kind of construction work, all projects including consultancy work in construction industry has an issue of cost overrun and time overrun. These overrun have detrimental effects over organization’s finance and economy of the nation. The purpose of this study is to find out various reasons for cost and time overrun in a construction project and measures to mitigate the issue by reviewing various existing literature and publications. The imperative findings can be classified in different various parts viz. poor pre-planning, weak material management, financing management, Poor site management,

Problems of Contractor and Problems from client side. It is also found that, by adapting proper methodology and thoroughly understanding these factors may help to mitigate or limit the problem of cost and time overrun