Time overrun- It is 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.

Reasons:

i. Plans specifications etc are not received by the contractor in time.

ii. Adequate resources are not available on the site.

iii. Inadequate technical and financial management.

iv. Extra work has to be carried out.

v. Unforeseen problems like adverse weather natural calamities,etc.

vi. Wrong or faulty initial planning.

vii. 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.

Reasons:

i. If the contractor does not have proper technical knowledge of the jobs, cost.

ii. If the original bid by the contractor is lower than actual project cost, cost overrun is possible.

iii. Increase in cost of materials and labour. This is more significant in long duration projects.

iv. Improper management and wastage of available resources.

v. Extra items of work done.

Methods to control Cost over Overrun:

i. Identification of the overrun.

ii. Procurement cost control.

iii. Negotiation with the vender.

iv. Sourcing the materials.

v. Reduction in the wastage

vi. Stock reduction

vii. Right sizing the project team.

viii. Increase the speed of construction.