Implications of Economic Forecasting on Project Time Overrun

Abstract

This study assesses the implications of economic forecasting on project time overrun. Using a comprehensive review of literature, an exploratory research design was adopted to review the literature from 2015 to 2023 to ascertain how economic forecasting has contributed to the project time overrun. The result from these studies revealed that forecasting has a positive relationship with various economies compared to it; project time overrun has a negative relationship with various projects that it is being compared with, project time overrun leads to delay or incomplete projects, and project time overrun is more pronounced in the public sector, and it occurs in most projects irrespective of the size. It was concluded that an economic forecast geared towards project overrun should reduce project time overrun if the forecast is well carried out and well implemented, and recommended, among others, that economic forecasting should serve as a tool for planning project execution, as this would help reduce project time overrun if well implemented.