Over the years, the concept of cost management has undergone significant changes and continues to evolve rapidly. Effective cost management is vital for the success of most projects. The global construction industry has witnessed projects suffering from significant cost and time overruns, with over 400 projects in India alone reportedly facing cost overruns exceeding 150 crore rupees each. Even though India is one of the largest construction industries, cost management techniques like earned value management, life cycle costing and other techniques have been implemented. Nevertheless, challenges faced in overcoming delays and cost overrun have drastically increased with the increase in complexity of the projects. Therefore, cost management is deemed an essential functional role in the present market scenario. The study uncovers the most effective tools and techniques for cost management at 4 stages: cost management planning, cost estimation, cost budgeting and cost control. It also analyzes the factors influencing these stages and thus it helps in avoiding cost overrun. A comprehensive analysis of real-time industry practices is performed based on the results obtained from a questionnaire survey. Relative Importance Index (RII) and one sample T test is used in analyzing the survey data and ranking is assigned for each factor and tools and technique. This comprehensive study provides valuable insights to benefit all three stakeholders involved in a project: the client, the consultant, and the contractor. By understanding and utilizing these factors, they can address challenges and ensure the success of the projects.