There is a continuous rise in the implementation of information-driven technology in construction, especially for effective control and management of construction resources. However, the enormous opportunities that these technologies provide have not been adequately utilized for construction cost management. There are so many innovations in the current IR 4.0 era, where digitization and connected systems are the trend of activities in engineering and other allied industries. These innovations are being adopted in the construction industry, to enhance the efficiency of construction processes. The areas of the current trend include Internet of things [IoT], Augmented and Virtual Reality [AR and VR], 5D-BIM, Autonomous Equipment, Artificial Intelligence and Machine Learning, and Predictive Analytics. This paper explores the applications and benefits of these areas of new technological trends in construction project management with emphasis laid in cost management of construction projects. Eighty-one[81] recent publications in journal articles, textbooks, web pages and conference proceedings published between 2008 and 2019 were reviewed in order to articulate and reveal areas of application of the technologies in project cost management and control. The paper exposes areas of application of the current ICT trends which construction managers and project cost managers should harness.

Construction Cost control is an integral part of Cost management processes of Construction projects. Project cost management involves all the processes involved in planning, estimating, budgeting, financing, Funding, managing and controlling costs so that the project can be scheduled for completion within the approved budget. Cost overrun is a major global issue in construction project performance which occurs predominantly during the construction phase of a project. Different cost control techniques and models have been in practice to ensure cost performance, yet construction projects are rarely completed within the scheduled budget. Due to this incessant cost variances in projects, cost control systems are still being reviewed. Different construction outfits employ different techniques or similar methods just to ensure that cost is within budget. The ultimate concern of the Quantity Surveyor (QS) is to ensure that track records of all activities during construction is well articulated to nearest accuracy for monitoring site expenditures. For this reason, the QS on site daily does the routine work of cost data collections, recordings, analysis and reporting to keep expenditure within budget. This is usually the normal routine in most construction outfits in developing and underdeveloped countries. Different technologies are currently and methods have been employed to increase the efficiency and accuracy of construction data for cost effectiveness. The current technological trend and innovations is therefore reshaping cost control systems with the use of new technologies and software. There are new developments in the methods of controlling cost during construction due to the recent construction innovations. This paper presents the recent developments involved in controlling the cost of construction projects at the construction phase with emphasis laid on the construction innovations and technological advancement. The current different technologies used in implementing cost control were X-rayed and how the present-day cost managers are utilizing the new developments.

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