Analyse the Elements and Minimise Cost overrun and Delays in Construction Projects

Abstract

The building sector has behaved as the power source of growth for the economy. The construction sector in India has grown significantly over the few decades. But there are strong evidence, of inconsistent performance of construction work in India. Projects have become unsuccessful in achieving the limits over all the crucial performance means which consists of budget, schedule, and quality performances. Cost overrun and delays have become a general fact in construction projects. Each construction project is unique and comes with its own set of challenges. Construction budget is the utmost norm for victory of project. Cost overrun, which is also called as  increase in cost, underrated or overrun of budget, is the cost incurred  which is not anticipated in surplus of estimated amounts due to miscalculation of the real cost while estimation. Budget increase occurs in every projects but its magnitude varies from project to project. Consistently, overruns point towards profound affairs in project management and from schedules and budgets being laid erroneously from the genesis of the project. Delay is a condition when the true development of a construction project is sluggish than the planned timeline or it is the tardy execution of the projects. Delays occur all the time in construction projects and in other projects where a schedule is utilised to organise work. Construction time overrun directly affects the cost of the project. Time overrun and budget increase are the intrinsic portion of almost all projects. They are the frequent problems of both developing and developed countries.