cost overruns

Cost overruns occur when a project exceeds its original budget, meaning more money is spent than initially planned. This can happen due to unforeseen issues, changes in project scope, inaccurate initial estimates, or delays. Cost overruns can strain resources, delay project completion, and increase expenses beyond what was expected, impacting the project's overall success and feasibility. Effective planning, precise budgeting, and ongoing monitoring are essential to minimize these overruns.