Time overrun:- It is the phenomenon in which the project gets delayed beyond its expected completion time due to certain difficulties i.e. more time is required to finish the project than initially planned.

Causes:-

• Plans, specifications etc are not received by the contractor in time.
• Adequate resources are not available on the site.
• Inadequate technical and financial management.
• Extra work has to be carried out.
• Unforeseen problems like adverse weather, natural calamities etc
• Wrong or faulty initial planning.
• Accident on site.

Cost overrun:- It is the phenomenon in which the client/contractor has to spend more money for the completion of the project than that originally estimated i.e. the project goes over budget.

Causes:-

• If the contractor does not have proper technical knowledge of the jobs, cost overrun is possible.
• If the original bid by the contractor is lower than actual project cost, cost overrun is possible
• Increase in cost of materials and labour. This is more significant in long duration projects.
• Improper management and wastage of available resources.
• Adverse weather conditions and natural calamities can damage to existing work, leading to rework and increase in cost.
• Extra items of work done.

Methods to control Overruns:-

• Identification of the overrun
• Procurement cost control
• Negotiation with the vendor
• Sourcing the materials
• Optimum utilization of resources
• Reduction in wastage
• Improvement in the method
• Increase the speed of construction
• Stock reduction
• Right sizing of the project team.