External costs
The Green Book, Central Government Guidance On Appraisal And Evaluation, Published by HM Treasury in 2018, suggests that: ‘External Costs are costs of production or consumption of a good which are not taken into account by individuals or included in the price of a good in a perfectly competitive market.’
ICMS: Global Consistency in Presenting Construction Life Cycle Costs and Carbon Emissions, 3rd edition, November 2021, published by the ICMS (International Cost Management Standard) Coalition, defines external costs as: ‘Costs associated with an asset that are not reflected in the transaction costs between provider and consumer, collectively referred to as Externalities. These costs may include business staffing, productivity, social impact costs and user costs and can be considered in a Life Cycle Cost analysis when explicitly identified (ISO 15686-5).’
[edit] Related articles on Designing Buildings
Featured articles and news
Focussing on the practical implementation of electrification.
Sustainable Urban Drainage and Biodiversity
Awards for champions of these interconnected fields now open.
Microcosm of biodiversity in balconies and containers
Minor design adaptations for considerable biodiversity benefit.
CIOB student competitive construction challenge Ireland
Inspiring a new wave of Irish construction professionals.
Challenges of the net zero transition in Scotland
Skills shortage and ageing workforce hampering Scottish transition to net zero.
Private rental sector, living standards and fuel poverty
Report from the NRH in partnership with Impact on Urban Health.
.Cold chain condensing units market update
Tracking the evolution of commercial refrigeration unit markets.
Attending a conservation training course, personal account
The benefits of further learning for professsionals.
Restoring Alexander Pope's grotto
The only surviving part of his villa in Twickenham.
International Women's Day 8 March, 2025
Accelerating Action for For ALL Women and Girls: Rights. Equality. Empowerment.
Lack of construction careers advice threatens housing targets
CIOB warning on Government plans to accelerate housebuilding and development.
Shelter from the storm in Ukraine
Ukraine’s architects paving the path to recovery.
BSRIA market intelligence division key appointment
Lisa Wiltshire to lead rapidly growing Market Intelligence division.
A blueprint for construction’s sustainability efforts
Practical steps to achieve the United Nations Sustainable Development Goals.
Timber in Construction Roadmap
Ambitious plans from the Government to increase the use of timber in construction.
ECA digital series unveils road to net-zero.
Retrofit and Decarbonisation framework N9 launched
Aligned with LHCPG social value strategy and the Gold Standard.
Comments
[edit] To make a comment about this article, or to suggest changes, click 'Add a comment' above. Separate your comments from any existing comments by inserting a horizontal line.