International Construction Measurement Standards (ICMS)
The International Construction Measurement Standards (ICMS) is an international standard which aims to provide greater global consistency in construction costing.
It is not a detailed method of measuring construction works, but ‘a high level benchmarking and reporting framework for international cost classification, reporting and comparison.’
It was established by the International Construction Measurement Standards Coalition (ICMSC), which is a group of more than 40 professional and not-for-profit organisations. The Coalition was launched at the International Monetary Fund (IMF) in Washington D.C. in 2015.
The Coalition points to the fact that the reporting and costing methods used in the construction industry have significant variance according to the market. This means that comparing projects around the world difficult, investment risk is increased, and transparency is impeded.
They argue that this causes ‘huge problems for cost consultants, quantity surveyors, construction economists and cost engineers around the world’. Creating a common standard, they suggest, will improve transparency, investor confidence and public trust.
Other benefits they identify include:
- Improved investment and funding decisions.
- Improved cost prediction and management.
- More consistent accounting.
- Consistent and transparent benchmarking.
- Improved ability to Identify the causes of differences in costs between projects.
The Coalition anticipates that ICMS will be implemented globally through proactive engagement by the Coalition members with relevant stakeholders. It will be used alongside existing standards initially, with the expectation that it will become established over time in construction markets and then used as the primary standard for reporting on construction costs locally and globally.
In September 2019, ICMS was extended to cover life cycle costs and further civil engineering entities.
[edit] Related articles on Designing Buildings Wiki
- BCIS.
- Construction costs.
- Cost engineering.
- Cost plans for construction projects.
- International Fire Safety Standards Coalition (IFSS).
- International Property Measurement Standards.
- Measurement.
- Quantity surveyor.
- Whole life costs.
[edit] External resources
Featured articles and news
Investors in People: CIOB achieves gold
Reflecting a commitment to employees and members.
Scratching beneath the surface; a guide to selection.
ECA 2024 Apprentice of the Year Award
Entries open for submission until May 31.
UK gov apprenticeship funding from April 2024
Brief summary the policy paper updated in March.
For the World Autism Awareness Month of April.
70+ experts appointed to public sector fire safety framework
The Fire Safety (FS2) Framework from LHC Procurement.
Project and programme management codes of practice
CIOB publications for built environment professionals.
The ECA Industry Awards 2024 now open !
Recognising the best in the electrotechnical industry.
Sustainable development concepts decade by decade.
The regenerative structural engineer
A call for design that will repair the natural world.
Buildings that mimic the restorative aspects found in nature.
CIAT publishes Principal Designer Competency Framework
For those considering applying for registration as a PD.
BSRIA Building Reg's guidance: The second staircase
An overview focusing on aspects which most affect the building services industry.
Design codes and pattern books
Harmonious proportions and golden sections.
Introducing or next Guest Editor Arun Baybars
Practising architect and design panel review member.
Quick summary by size, shape, test, material, use or bonding..
Comments
It refers to it as 'International Construction Measurement Standards' but it is actually International Cost Management Standard.
https://icms-coalition.org/