Although the construction industry has been evolving for centuries and researchers have been seeking innovative solutions for decades, diverse challenges still exist in making the construction process faster, safer, cheaper and more accurate. It is believed that Building Information Modeling (BIM) can lead to greater efficiency through the incremental collaboration. The data in BIM system is extremely useful and can be generated to optimize the project delivery processes. However, since BIM increases the project design cost and requires a big learning curve, project participants are concerned about the cost of project, which has hindered the adoption of BIM for the project delivery. This paper, using a case study, describes how BIM functions to help cut down costs, optimize schedule, and benefit the project participants. The analysis of project cost and time control focuses on life cycle. The recommendations for the future use of BIM are made generally.