Management of a large basement construction project requires careful planning on what to accomplish, identifying all of the activities needed to build it, and obtaining the resources required to carry out the plans. But most importantly, it requires dealing with the changing nature of realities such as inclement weather conditions, equipment or plant breakdown, and delays. This paper attempts to demonstrate how a project manager can rationally and systematically establish a set of project control baselines through the building and use of a dynamic simulation model of a project. The construction of Bugis Junction basement, one of the largest basement construction projects in Singapore, is used to demonstrate the usefulness of the dynamic simulation modeling methodology. The effectiveness of the methodology for improving the different strategies needed at various stages of a construction project to monitor and control project baselines has also been demonstrated.