What does cost overrun mean?

Definitions for cost overrun
cost over·run

This dictionary definitions page includes all the possible meanings, example usage and translations of the word cost overrun.

Princeton's WordNet

  1. cost overrunnoun

    excess of cost over budget

    "the cost overrun necessitated an additional allocation of funds in the budget"

Wiktionary

  1. cost overrunnoun

    An excess of actual cost over budget.

Wikipedia

  1. Cost overrun

    A cost overrun, also known as a cost increase or budget overrun, involves unexpected incurred costs. When these costs are in excess of budgeted amounts due to a value engineering underestimation of the actual cost during budgeting, they are known by these terms. Cost overruns are common in infrastructure, building, and technology projects. For IT projects, a 2004 industry study by the Standish Group found an average cost overrun of 43 percent; 71 percent of projects came in over budget, exceeded time estimates, and had estimated too narrow a scope; and total waste was estimated at $55 billion per year in the US alone.Many major construction projects have incurred cost overruns; cost estimates used to decide whether important transportation infrastructure should be built can mislead grossly and systematically.Cost overrun is distinguished from cost escalation, which is an anticipated growth in a budgeted cost due to factors such as inflation.

ChatGPT

  1. cost overrun

    A cost overrun, also known as cost escalation or budget overrun, refers to the amount by which the actual cost of a project, operation, or endeavor exceeds the initially approved or estimated budget. This unforeseen increment in cost can be due to improper planning, changes in scope, unexpected obstacles, economic changes, or underestimation during the budgeting process. It is generally expressed as a percentage of the original budget.

Wikidata

  1. Cost overrun

    A cost overrun, also known as a cost increase or budget overrun, is an unexpected cost incurred in excess of a budgeted amount due to an underestimation of the actual cost during budgeting. Cost overrun should be distinguished from cost escalation, which is used to express an anticipated growth in a budgeted cost due to factors such as inflation. Cost overrun is common in infrastructure, building, and technology projects. For IT projects, an industry study by the Standish Group found that the average cost overrun was 43 percent; 71 percent of projects were over budget, exceeded time estimates, and had estimated too narrow a scope; and total waste was estimated at $55 billion per year in the US alone. Many major construction projects have incurred cost overruns. The Suez Canal cost 20 times as much as the earliest estimates; even the cost estimate produced the year before construction began underestimated the project's actual costs by a factor of three. The Sydney Opera House cost 15 times more than was originally projected, and the Concorde supersonic aeroplane cost 12 times more than predicted. The Channel Tunnel between the UK and France had a construction cost overrun of 80 percent, and a 140-percent financing cost overrun.

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Numerology

  1. Chaldean Numerology

    The numerical value of cost overrun in Chaldean Numerology is: 5

  2. Pythagorean Numerology

    The numerical value of cost overrun in Pythagorean Numerology is: 8

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"cost overrun." Definitions.net. STANDS4 LLC, 2024. Web. 23 Jul 2024. <https://www.definitions.net/definition/cost+overrun>.

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