A real estate development and construction cost and risk management system is disclosed. The real estate development and construction cost and risk management system has a real estate development and construction cost and risk management module, comprising computer-executable code stored in non-volatile memory, a processor, and a communication device. The real estate development and construction cost and risk management module, the processor, and the communication device are configured to receive an invoice data flow, receive a commitments data flow, receive a budget transactions data flow, extract data from the invoice data flow, the commitments data flow, and the budget transactions data flow, update a data set using the data extracted from the invoice data flow, the commitments data flow, and the budget transactions data flow, and generate a plurality of reports based on the updated data set.