Building information modeling (BIM) has brought a technological shift in the area of construction programs, resulting in a significant rise in project management performance and affordability. In Bangladesh, designers have to deal with numerous issues in implementing BIM technology as technological expertise is insufficient in this area. Therefore, the paper focuses on implementing BIM across the project life cycle and assesses its effectiveness on a construction project with respect to the Bangladeshi construction industry. For this, a 3D model simulation of a three-storied residential building is developed and all semantic data (material properties, construction details, schedules, cost of the material, etc.) is stored with the model. In addition, BIM-centered integrated project delivery techniques are analyzed for clash detection, structural analysis, scheduling (4D), and cost estimation (5D) during the planning and construction phase. The outcome of the study indicated that BIM is effective in raising whole process performance, giving precise quantity takeoffs, optimizing schedules, reducing overall project uncertainties, structural defects, and expenses. The constitutional framework of this study can lead to increased efficiency, effective communication, as well as rarer mistakes in the construction project of Bangladesh. In addition, it can be an effective tool for managing medium- and large-scale projects since it can help to boost profitability, cut expenses, and enhance time management.