It is not uncommon in large scale construction projects to experience cost overrunsof up to 100% of the original cost estimates. The need for appropriate project planning andefficient progress tracking becomes even more important when cost is the major concern forthese projects being successful from an operational standpoint. This study presents a BIMbased model for cost management. In this model, project information is deconstructed andreorganized at granularity of component level, and each component is associated with relevantcost information, such as earnable man hours, actual man hours, material cost, etc. By trackingthe status of each component, it is easy to produce accurate cost estimate and monitor/controlproject costs. A web-based construction management system is developed based on thismodel, and has been implemented for major oil sands projects in Alberta, Canada.
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