Automated project monitoring system has the potential to be effective in controlling project performance through continuous monitoring and control of the project in real time using Automated Data Collection tools. This paper presents a system that is designed to investigate the use of RFID for automated schedule and inventory monitoring in real time. The system considers the use of precast concrete or prefabricated steel structural elements like columns, beams, floor slabs and wall panels as building components. The building components are identified in real time through automated data collection using RFID technology. This RFID technology with other application software is integrated to identify the installed component and update the project schedule in MSProject and present the as-built progress status. The 3D model of the building which is also updated is visualized in AutoCAD. The construction industry response towards the use of the developed system is also reported.