Cost is the fundamental component for any construction project. While observations indicate that the cost overrun is a major phenomenon in construction industry worldwide. Hence, there are several factors responsible for cost overruns. So, a lot of studies have been conducted to investigate it. The aim of this paper is to identify the latest top major factors causing construction cost overrun construction projects in both of developed and developing countries (in particular) according to many variables during last three decades. through a comprehensive literature review, most common and frequently occurring causes of cost overrun worldwide and developing countries in particular were listed, factors were prioritized according to their occurrence, it is concluded that however cost overrun factors vary considerably across countries, the study of causing factors of cost overrun in construction projects will provide a reference for other projects that might be executed in similar circumstances and will also provide valuable information for international companies which intend to provide construction projects.
Cost overrun risks are very common in construction sector. These risks are the possibility of a cost deviation occurrence consequently, affecting the project costs and the involved parties. Cost overrun risks also affect investment in construction sector negatively and focusing on risk reduction measures. Cost control isn't confined to cost management only but also, risk management is considered an effective control tool of project costs. Cost overrun risks are identified and then risk assessment and analysis are done. Then risk management and risk mitigation are carried out. The purpose of this study is to present an approach that can assess cost overrun risks after identifying them. Then, resorting to response strategies to create a response plan for high-priority risks, the researcher conducted a survey research by applying a questionnaire among the specialists in the construction industry and chose the touristic projects in Port Said as a case study. The risk identification techniques more frequently applied in construction are checklist and Brain storming, in addition the risk assessment and analysis technique (the qualitative technique).
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