- published: 28 Jan 2015
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A cost overrun, also known as a cost increase or budget overrun, is an unexpected cost incurred in excess of a budgeted amount due to an under-estimation of the actual cost during budgeting. Cost overrun should be distinguished from cost escalation, which is used to express an anticipated growth in a budgeted cost due to factors such as inflation.
Cost overrun is common in infrastructure, building, and technology projects. A comprehensive study of cost overrun published in the Journal of the American Planning Association in 2002 found that 9 out of ten construction projects had underestimated costs. Overruns of 50 to one hundred percent were common.[improper synthesis?] Cost underestimation was found in each of 20 nations and five continents covered by the study, and cost underestimation had not decreased in the 70 years for which data were available. For IT projects, an industry study by the Standish Group found that the average cost overrun was 43 percent; 71 percent of projects were over budget, exceeded time estimates, and had estimated too narrow a scope; and total waste was estimated at $55 billion per year in the US alone.
Hồ Chí Minh (Vietnamese pronunciation: [hô cǐ miɲ] (Vietnamese pronunciation: [hô̤ tɕǐmɪŋ] ( listen)); 19 May 1890 – 2 September 1969), born Nguyễn Sinh Cung and also known as Nguyễn Tất Thành and Nguyễn Ái Quốc, was a Vietnamese Stalinist revolutionary leader who was prime minister (1945–1955) and president (1945–1969) of the Democratic Republic of Vietnam (North Vietnam). He was a key figure in the foundation of the Democratic Republic of Vietnam in 1945, as well as the People's Army of Vietnam (PAVN) and the Việt Cộng (NLF or VC) during the Vietnam War.
He led the Việt Minh independence movement from 1941 onward, establishing the communist-governed Democratic Republic of Vietnam in 1945 and defeating the French Union in 1954 at Điện Biên Phủ. He officially stepped down from power in 1955 due to health problems, but remained a highly visible figurehead and inspiration for Vietnamese fighting for his cause – a united, independent Vietnam – until his death. After the war, Saigon, the capital of Republic of Vietnam, was renamed Hồ Chí Minh City in his honor.
Alan Mark Grayson (born March 13, 1958) is a former U.S. Representative for Florida's 8th congressional district, serving from 2009 until 2011. He is a member of the Democratic Party. The district Grayson represented lies in central Florida and includes portions of Orange Lake, Marion, and Osceola Counties. Most of Orlando is in the district, including Walt Disney World. Grayson was defeated for re-election in 2010 by Republican Daniel Webster.
Grayson was born in the Bronx, New York City, New York, United States, to a Jewish family, the son of Dorothy Ann (née Sabin) and Daniel Franklin Grayson. He graduated from Bronx High School of Science in 1975 and worked his way through Harvard College as a janitor and nightwatchman, graduating in 1978 in the top two percent of his class, summa cum laude and Phi Beta Kappa with an A.B. in economics. After working two years as an economist, he returned to Harvard for graduate studies. In 1983, he earned a J.D. magna cum laude from Harvard Law School and a Masters of Public Policy from the John F. Kennedy School of Government. Additionally, he completed the course work and passed the general exams for a PhD in government.