28 AUG 2018
Infrastructure Ontario, AW Hooker, BTY Group, Hanscomb, Turner & Townsend, Arcadis and CBRE are all relying on standards set in place by an international coalition to address the critical issue of comparability in the construction sector.
Following the international standard is the first step in creating a seamless, global, pyramidal hierarchy of construction cost classification: from high-level global cost benchmarking to granular, local cost measurement.
The International Construction Measurement Standards (ICMS) were developed by a coalition of 46 professional bodies including RICS, CIQS and CACQS to regulate how projects are monitored and reported on. Clients and governments are already demanding cost estimates and financial reports that are in line with ICMS.
In December last year, RICS developed and launched a resource called “ICMS Explained: A user guide for International Construction Measurement Standards.” This technical document unpacks the structure and cost classifications to give practitioners a step-by-step guide to delivering ICMS.
RICS will be rolling out a series of in-person seminars over the coming months to guide users in the implementation of the standards. The first sessions will be held in Calgary and Vancouver in October with additional dates and locations to be added according to industry interest.
“ICMS allows us to benchmark our costing in a way that is transparent for our clients... I’ve found in my work in Ontario and other provinces, there are slight variations in reporting from one region of Canada to another. ICMS ensures we’re all reporting consistently and in the same way.”
Senior Partner, AW Hooker
“ICMS, in terms of having consistent commercial data, helps us demonstrate where the projects are delivering good value for money for the taxpayer or if they are not, it will identify areas where they can be improved.”
Global Head of Benchmarking, Turner and Townsend