10 DEC 2018
Companies including Gleeds, BTY Group, Hanscomb, Turner & Townsend, Arcadis and CBRE are all relying on standards set in place by an international coalition, led by RICS, to address the critical issue of comparability in the construction sector. Following this 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.
Chris Soffe FRICS, FCIOB, President & CEO of Gleeds Americas, said: "Gleeds recognized the need for the implementation of a consistent standard for the measurement and reporting of construction costs worldwide. We were therefore delighted to contribute to the initiative and now fully champion the use of ICMS as a global benchmarking standard. 'Best Value' facilitated by the gathering and management of cost data will be significantly improved for the benefit of the built environment everywhere."
The International Construction Measurement Standards (ICMS) were developed by a coalition of 46 professional bodies 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 order to demonstrate that each project is delivering value, the construction industry needs a common approach to measurement," said Lionel Dore MRICS, Director BTY Group. "That is the only way in which cost data can be analyzed and one project benchmarked against another on the same basis. It's a game changer for us as Cost Managers."
Last year, RICS developed and launched "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.