The occurrence of time and cost overrun has become quite significant in a majority of construction projects in India,
which is negatively affecting the GDP and potential development of nation. As per the statistics of project cost and duration in
March 2012, 179 projects out of 555 projects of worth 150 Crore INR have been facing cost and time overrun and others are at
the very high risk, with the total construction cost overrun of 1.23 Lakh Crore INR. (Times, 2013) The time and cost overrun of
the construction projects results in overextension of the time and finance of the client which may lead to entire failure of the
project, unfinished project, abandoned project or reduction in the performance standards of the project. This condition depicts
the requirement of the study and analysis of the causes or risk factors for time and cost overrun, and solutions and strategies for
mitigation of cost and time overrun.
