This report examines the issue of cost overruns in construction projects, a chronic problem in the industry. It delves into the roles and responsibilities of key stakeholders, including clients, consultants, and contractors, in managing these overruns. The research, based on a literature review and industry inputs, identifies 73 attributes related to cost performance. Planning and scheduling deficiencies are found to have the highest impact, with robust control procedures, adequate programming, efficient design, and effective site management being critical factors. The client's role in facilitating effective management of these factors is also crucial. Multivariate regression analysis highlights the influence of five significant factors on managing cost overruns. The findings aim to bridge a knowledge gap by shifting priorities in cost estimation and management practices across all industry sectors. The report also includes a literature review of factors affecting cost performance, such as poor site management, decision-making speed, and client-initiated variations, emphasizing the need for a comprehensive understanding of stakeholder responsibilities to improve cost performance.