Overrun

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Overrun

In the context of project financing, the amount of capital expenditures or funding above the original estimate to complete the project.
Copyright © 2012, Campbell R. Harvey. All Rights Reserved.

Overrun

The amount by which the actual cost of a project exceeds its budget. While this does not necessarily guarantee that the project will fail, it does make it more difficult to succeed. This is also called cost overrun or budget overrun.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved
References in periodicals archive ?
Cost overrun is defined as additional costs over and above the approved project cost of the Investment Coordination Committee (ICC).
Recommendations include alternatives that rely on fewer imports and reduce exposure to currency fluctuations, citing a project in Colombia in which currency depreciation caused a 32pc cost overrun since half of the costs were covered by imported inputs.
The spokesperson added: "North Devon Crematorium staff work extremely hard to accommodate last minute changes and help out where possible, and there can be many reasons why a service overruns.
Causes of delay and cost overruns in construction of groundwater projects in a developing country: Ghana as a case study.
The purpose of this study was to determine if the overruns at completion projected by contractor and government personnel are unrealistically optimistic.
Boston 2024 chief executive Richard Davey, in an interview Tuesday prior to release of the report, said organizers were conscious of the need to avoid overruns, devising strategies that include insurance policies to protect against unanticipated delays in project delivery.
Forest City Ratner accused the construction firm of violating its contract by incurring "massive delays and cost overruns," and requested the New York Supreme Court to declare Skanska's workstop order void.
On Tuesday, the canal authority proposed that it inject $183 million into the project to allow the consortium expanding the canal to continue work for several months while a permanent solution is sought to a dispute over the more than $1.5-billion in cost overruns. The authority wanted the consortium to put in $100 million.
TABLE 3 - ANOVA TEST RESULTS FOR VARIATION IN QUALITY ACROSS OVERRUN CATEGORIES No Only One Both F- overrun overrun overrun value Mean SD Mean SD Mean SD Quality 4.2923 0.5322 4.1254 0.5337 4.0169 0.5100 5.87 P- value Quality 0.003 As seen the quality score is highest for projects with no overrun and comes down with increasing overruns.
Key projects in the offshore sector, which accounts for a fifth of Norway's GDP, have run into huge delays and cost overruns in recent years, reducing government revenue and prompting a government investigation.
While budgets tend to underestimate income, they also underestimate expenditures, leading to budgetary overruns. This is a major concern, especially with the 2011 balance posting a record budgetary overrun of 39 percent.
But in its 55-page report, issued this morning, the Audit Office said the department "strongly disagrees with the assertion that there has been a project overrun".