Cost overrun and delay are the most important factors which affect the rate of progress in construction industries. There are numerous Risks are involved in cost and schedule overrun which leads to unprofitable situation or dropping the project. Previous literature studies are mainly focused only on cost overrun and delay but they do not deal with their risks which is important to study. This study is to assess the factors influencing time and cost overruns on construction projects and their risks also. The objectives of the study were achieved through valid questionnaire. The questionnaires are collected over 40 construction companies. From this survey, identify and ranking the various elements which are responsible for the inflation of cost and schedule overrun using analytical software like SPSS. And discuss about the significant values obtained from the collecting data and recommendation and mitigation ideas from the ranking of overrun factors. The significant value should be more than 0.05 and from our analysis most of the factors are above that value. The study clarified that incorrect estimates and low productivity level of labors highly contributes to overrun in construction management. It will leads to unprofitable situation, so proper scheduling and better management will rectify these problems.