ELEMENTS OF COST OVERRUNS,DELAYS AND RISK IN CONSTRUCTION MANAGEMENT
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Abstract
One of the leading contributorsto Indian economy i.e. the construction industry is criticized many times for delays in the projects.The delay in the projects effects on track recordof construction industry. It alsoresults in low customer satisfaction.On the other hand, the delay in construction projects increases the cost of the project.The industryis coming up with the complicated construction projects with dependencies on skilled workforce.Different requirements are to be fulfilled in the stipulated time frame.Hence the success of any project depends upon two important factors viz. cost and time required to complete the project.The planning of the project with application of the principles like total quality enhancement and supply management will result in better performance of the team to deliver the project.The paper presents the overview of the different parameters affecting the cost and budget and the risks involved in the construction projects.
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