Word: Cost Overrun
Definition: A "cost overrun" is a situation where the amount of money spent on a project is higher than what was originally planned or budgeted. This means that the project costs more than the budget allowed.
Usage: - "Cost overrun" is used as a noun. You can say, "We experienced a cost overrun on our construction project." - It typically occurs in business, construction, or project management contexts.
Example: "The cost overrun necessitated an additional allocation of funds in the budget." (This means that because the project cost more than expected, they had to find more money to pay for it.)
Advanced Usage: In professional settings, you might hear phrases like "budgetary constraints" or "financial forecasting" when discussing cost overruns. It’s important to analyze the reasons behind cost overruns, which can include unexpected expenses, poor planning, or changes in project scope.
Word Variants: - You can use the adjective form "overbudget" to describe a project that has exceeded its budget. For example: "The project was overbudget due to unforeseen circumstances." - The verb form "overrun" can be used in contexts like: "The project has overrunning costs."
Different Meanings:While "cost overrun" specifically refers to exceeding a budget, the term "overrun" can have other meanings in different contexts, such as in sports (when a game goes longer than the scheduled time) or in manufacturing (when production exceeds capacity).
Synonyms: - Budget overage - Exceeding budget - Financial excess
Idioms and Phrasal Verbs:While there are no direct idioms specifically for "cost overrun," you might hear phrases like: - "Go over budget" - This means to exceed the planned budget. Example: "We need to be careful not to go over budget." - "Break the bank" - This idiom means to spend all of one’s money or to spend excessively. Example: "We can’t break the bank on this project."
Conclusion:Understanding the term "cost overrun" is important in financial discussions and project planning.