I am the furthest thing from a financial adviser or a financial keeper. What do they call those? Accountants? Well here nor there, what I can speculate is a cost overrun mean you spent more than you had. Kind of like talking about something you know nothing about and going on about it. That would be my example and and my definition. Big Winks and Giggles!!!
It's spending more money than had been budgeted or than had been planned for or has been projected.
For instance, I want to put in a new security system to protect the tildes, it's supposed to cost $2,400 plus tax. I sign the agreement and work begins. The saleswoman takes advantage of my penchant for anything tilde-related, and every few days suggests enhancements that each drive the price higher. My wife hits the ceiling, she's not too crazy about my spending habits anyway. The original costs skyrocket to over $3,000 before the job is halfway finished, and I'm also planning to attend the Grammar Police Reunion at a cost of $1,890 and the Bi-Annual Sandwich Symposium at $700. My yearly discretionary spending is capped at $4000, so you can see how things can easily get out of hand. Oh, and all those court costs for appearances to fight off the restraing orders that have been unjustly lodged against me . . .
Look man! From a simple conservative Irish family who never, ever, ever broached the topic of money and conservation of it, I can only loath the added burden responsibility brings and money. I am squelched in my thoughts and even fearful of planning ahead with money because I am much an existentialist and take matters from week to week. Being from a conservative bent like I which probably comprises about 5 percent if the U.S. population, I have to put my forced philosophical mind to work when I shop for the simplest items. I get SSI because, as an aside, I get confused about the motivations of people and money. It seems way out of proportion to any simple survival ethic which boggles my mind. I'm trapped in a moneyed world and I really don't want to be. Since words are pushed very, very intensely on me as being important from some tangential qualitative difference of useless chess tactics as it applies to life. I need to stay alone to continually sort out my thoughts. Women scare me. After their useless emotional meanderings I swoon about sacrificing for an invisible entity I can never feel for Being trapped and mired in the muck of capitalism. You can't tell me how much money I should make!
This post was edited by Benedict Arnold at August 17, 2018 5:25 AM MDT
Cost overruns are normally a sign that the person who gave you the quote either didn't know what they were talking about, or they "low balled" the bid just to get the job knowing it would cost more than they quoted.
In Washington state, they actually passed a law that if you get a job estimate the cost can't go beyond 110%. So if you get an estimate from your mechanic that car repairs will be $100 ... they can actually go up to $110 with your permission. But if it costs $150 to do the work they said - they can only charge you $110, and have to "eat" the other $40 themselves.
Randy D 