Effective cost management is crucial for delivering construction projects within budget constraints. This research presents a comparative analysis of traditional cost management methods and the innovative application of 5D Building Information Modeling (5D-BIM). Traditional practices such as cost estimation, planning, budgeting, and control are explored, revealing their limitations, particularly in dynamic project environments. Our study, through an exhaustive literature review and empirical survey, demonstrates how 5D-BIM offers a transformative approach by enabling real-time visualization and analysis of cost data, thereby enhancing decision-making processes. Key findings reveal that 5D-BIM significantly improves project cost optimization, financial forecasting, and overall decision-making across project lifecycles. The research identifies a notable gap in industry knowledge and application of 5D-BIM, suggesting an urgent need for educational initiatives. Ultimately, this paper advocates for a paradigm shift towards integrating 5D-BIM into traditional cost management practices to harness its full potential in enhancing cost management efficacy in the construction industry.