Information and communication technology (ICT) is an important sector that contributes to the development of a country. However, the success of this sector depends on the success of the ICT projects. Hence, ICT projects must be managed efficiently and effectively to ensure that they are successfully implemented. The literature review reveals that most of the ICT projects around the globe are in a challenged state, especially in terms of cost. This quantitative research aims to explore the cost influencing factors of the ICT projects in Malaysia and to build a cost influencing factors framework as a knowledge base for project managers. A 5-point Likert scale survey was conducted using the purposive sampling and the snowball sampling method to solicit responses from a large population of ICT project managers. The responses of 194 ICT project managers in Malaysia were analyzed, and the top 15 cost influencing factors were identified at different phases of a project. This result was used to build a cost influencing factors framework as a knowledge base for ICT project management.