This document reviews past studies examining the practicability of using Building Information Modeling (BIM) to improve the fourth and fifth dimensions (time and cost) of construction projects. It finds that BIM implementation has the potential to significantly reduce project completion time and costs by simplifying project phases and enabling improved coordination, information sharing, and automation of tasks like quantity take-offs. However, challenges to cost estimators adopting BIM include the learning curve, quality of BIM models, lack of standards and software incompatibility. Case studies show that using BIM software like Autodesk Revit can generate detailed project data and facilitate automatic tracking of element properties and quantities throughout the project lifecycle.