The construction industry, a cornerstone of global economic development, has historically been plagued by cost overruns, schedule delays, quality deficiencies, and stagnant productivity. While Total Quality Management (TQM) has been a foundational philosophy for continuous improvement and customer focus, its implementation has often been hampered by reactive practices and data-lag. Concurrently, Artificial Intelligence (AI) and Machine Learning (ML) are emerging as transformative forces, offering predictive capabilities and data-driven insights. This paper posits that the true potential for radical efficiency gains lies not in adopting either approach in isolation, but in their strategic synergy. This review systematically analyzes the individual contributions of TQM and AI/ML to economic and operational efficiency in construction. It further explores the mechanisms of their integration, demonstrating how AI/ML can actualize the principles of TQM at an unprecedented scale and speed, transforming it from a philosophical guide to a dynamic, real-time operational system. The paper delves into advanced AI/ML methodologies, their specific applications across the project lifecycle, and their profound impact on financial metrics such as Return on Investment (ROI), life-cycle costing, and risk-adjusted valuations. Finally, it addresses the critical implementation challenges including data quality, skills gap, and cultural resistance and proposes a future roadmap for the industry to harness this powerful synergy, thereby ushering in a new era of "Cognitive Construction."