India's infrastructure sector is one of the most important engines of the Indian economy. However, it faces several hurdles that affect the overall performance of the sector in terms of schedule, budget, and quality of work. Three important factors influencing the effectiveness of construction project management are construction schedule, construction budget, and construction quality. The duration and budget of any project are critical to its success. In addition to quality, these two factors determine the success or failure of a project. Unfortunately, even after knowing their importance, they are commonly overlooked. This research has prioritized the parameters of time and cost overrun based on the likely severity through an expert's questionnaire survey. The Relative Importance Index (RII) of collected responses was computed and analyzed.