Costs incurred in excess of the contract target costs on an incentive type contract or the estimated costs on a fixed fee contract. An overrun is that value of costs which are needed to complete a project, over that value originally authorized by management.

SOURCE: assuredsolutions.com

An increase in the time or cost compared to the plan. A reduced scope without a corresponding reduction in the time or cost would be considered an overrun.

SOURCE: apms.com”