Causes of Time and Cost Overruns in Construction Projects
Construction industry is one of the most essential industries in every country and plays an important role in the economy of the country. But unfortunately, many construction projects are not completed or delivered within the budget and time planned. Typically, because of time and cost overruns project is considered as a failure. In addition, we all know that success of a project depends on delivering and maintaining the project within the budget and on schedule. This paper reviews the main factors causing delay and budget overrun in different construction industries. The significance factors causing time and cost overruns found out from the literature review are poor site control, inaccurate project estimation, Design errors in project, Security, Political instability, Financial problems, Payment Delays, Corruption, inexperienced team working in a project, lack of coordination between the parties and lack of communication.
Keywords- Construction Projects; Cost overrun, Causes; Time Overrun