Review on Uncertainties Causing Time and Cost Overrun in Construction Projects

In order to plan and manage a successful project,
the three parameters of time, cost and quality should be
considered. The clients in the construction industry are
primarily concerned with quality, time and cost. But majority of
construction projects are procured on the basis of only two
constraints time and cost. In construction projects not only is
on-time delivery important, it also translates directly into
whether the contractor will meet the client requirement, quality
and provide a return on investment. Delivering a project on time
does not occur by hoping that the required completion date will
be met. Attempting to solve the unforeseen issues during a
project without a plan in place to determine the immediate
impact is a major risk which can often lead to delayed projects.
The purpose of this review is to explore how time and cost
management on construction projects are perceived in various
research works. In order to examine the uncertainty of cost and
time in effective management of project, the opinions of clients,
architects, quantity surveyors, project managers, consulting
engineers and contractors are obtained by means of
questionnaire survey. Different studies has drawn different
conclusions and recommendations with respect to perception of
time and cost in construction projects.