A Review on Study & Analysis of Factors Affecting Time & Cost Overruns in Construction Projects & Their Remedies

Achievement of any construction venture depends on the timely completion of project within the specified budget. Method of execution, management of workers, equipment, scheduling and cost are some of the factors that affect the project management and these factors are the reason in for the cost and time overruns around the world. Every construction company is targeted to acquire money and profit at the end of each project. This is achieved by completing projects within the expected cost, time and quality targets. Cost overruns represent a constant source of concern for project developers and several researches have been developed in order to identify causes of these kinds of deviations worldwide. In this paper, a literature review was conducted in order to identify the most significant factors that leads to cost overruns in construction projects and the methods applied to identify them.