A STUDY ON COST AND TIME OVERRUNS IN CONSTRUCTION PROJECTS

Abstract

Construction industry is one of the fast growing industries in India and it contributes a lot on country’s economy. But the construction industry suffers from problems that affects time and cost. Successful completion of the construction project is based on many factors among all time and cost is the most crucial factors. If we manage these two things then the project would be successful. The time and cost overrun study is based on the questionnaire survey, totally 42 questions are prepared and distributed to project engineers, contractors, site engineers and clients. The respondents were asked to rate the listed factors on the basis of occurrence and severity of impact. Importance of each factor was calculated on the basis of cumulative effect of occurrence and impact. The analysis was done to evaluate whether consensus of opinions exists between groups of respondents. From the analysis of the results it was found that many factors have consensus of opinion exists between respondents. Data received from the questionnaire was analyzed by using statistical technique. The aim of this study is to identify the most critical factors responsible for the overruns in both time and cost of the construction project and suggest the remedial measures to the solution.