The non-identification of risk in the planning stage of the construction project is the preeminent reason for the time and cost overrun of the project. The present study, emphasizes monitoring the “Gauge Conversion of Railway Line” project regularly to identify factors responsible for time and cost overrun. The “Gauge Conversion of Railway Line project” consists of activities such as cutting and dismantling tracks, earthwork, and structures. The progress of each activity is monitored carefully and the data related to Budgeted Cost of Work Performed, Budgeted Cost of Work Scheduled, and Actual Cost of Work Performed are collected at an interval of thirty days. Earned Value Management is used to calculate Schedule Variance, Cost Variance, Schedule Performance Index, and Cost Performance Index. Optimistic, realistic, and pessimistic values for “Estimated Cost at Completion” and “Estimate to Complete” are calculated after observing the project for 240 days and presented in the paper. The authors and Project Management Consultant (PMC) have identified risk factors for schedule and cost variances every month and also identified the agencies responsible for the same. The mitigation strategies are suggested. The findings of the present study will help stakeholders in managing similar projects effectively.