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Owing to the characteristics of construction projects such as onetime establishment, large-scale investment, complexity and high-energy consumption in operation, the cost management of construction projects is more difficult and time-limited than that of usual products. Thus, effective entire-life-circle cost management and control is key to the survival of building enterprises. With the application of principles of value engineering and based on target cost management, this paper proposed a dynamic entire-life-cycle cost management model in combination with supply-chain management and cost management methods such as Kaizen cost system. As is shown, this model provides a new method to achieve reliably a better efficacy and more comprehensive benefits of construction projects with minimum entire-lifecycle cost.