Elements of cost overruns, delays and risk involved in construction management

Now a days projects are more complicated involving huge contract values, participants from multi-discipline, more specialized works, tighter schedule, stringent quality standards, etc. Ultimately, cost and time are the two key parameters that plays significant role in a project success. The study focuses on multiple Design and Build project which has complicated risk and is governed by fixed contract sum (Lump sum). As such, there is no such specific study to address this problem faced in Indian construction industry.  Qualitative research was applied at three stages of projects for time delay and two aspects for cost overrun.  One aspect each for time delay and cost overrun.  This benefits the industry in managing projects proactively with appropriate risk response plan to the respective region. Projects delay and cost overrun have become general facts in the construction industry. Project cost risk analysis considers the different costs associated with a project and focuses on the uncertainties and risks that may affect these costs. An implementation of project risk management (PRM) process on regional construction project has been carried out to maximize the likelihood of project meeting its objectives within its constraints. Qualitative and quantitative risk analyses have been carried out.