Abstract
Cost overruns persist as a critical issue in construction projects. This study aims to explore how the integration of Building Information Modeling (BIM) can enhance project cost management processes aligned with the PMBOK framework, fostering improved construction cost control and management as well as decision-making. The study investigates the applicability of PMBoK cost management procedures within the context of BIM software and its various applications. A comprehensive BIM-cantered cost management framework is introduced to operationalize this synergy, encompassing planning, estimation, budgeting, monitoring, and control stages. This framework’s efficacy is validated through its application to an industrial facility, leveraging integrated BIM, scheduling, and cost tools. The findings revealed BIM’s benefits in visualization, clash detection, automated take-off, and 5D simulation, influencing informed decision-making during the project. However, these advantages coexist with certain limitations, including challenges in establishing bi-directional quantity-cost linkages, generating customizable reports, conducting risk-centric budgeting, and conducting in-depth subcontractor analyses. This research puts forth an applied BIM framework tailored to construction cost management and provides practical insights to guide adoption strategies and technology advancement needs. The study can assist industry practitioners and policymakers in re-evaluating cost management strategies concerning BIM capabilities.
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