Question $1$

The term $$Cost Overrun$$ can be defined as the state when: $$when the final cost of the project exceeds the original estimates$.$ It is believed that construction projects should be experiencing an increase of about $33\%$ on average. According to a comprehensive research that was performed on cost overruns in international construction projects, it was discovered that $9$ out of $10$ projects have passed the previously set estimations, $50100\%$ excesses were postulated to be common and had a constant for $70$years through which data was available. Explain FIVE $(5)$ factors affecting cost overrun in construction projects and how Value Management $($VM$)$ approach can mitigate that problem.

$(30$ marks$)$