An overview of the International Construction Measurement Standards (ICMS) and understanding of the pyramidal hierarchy of construction cost classification — from high-level global cost benchmarking to granular, local-cost measurement.
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The International Construction Measurement Standards (ICMS) released in July 2017 are principles-based international standards that set out how to report, group and classify construction project costs in a structured and logical form.
The ICMS provides 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. It deals with construction cost classification across buildings and civil engineering (infrastructure) type projects. There was never a single standard document sought to combine all elements of construction other than ICMS.
In late 2017, the RICS gathered an international team of subject-matter experts as a working group to develop the RICS’ Global Professional Statement on Cost Prediction to promote the widespread adoption of the ICMS. The stated objective of this proposed Professional Statement is: "To set a standard for the cost management of construction projects, from inception to contract agreement, by presenting a standard cost classification and cost prediction process."
This upcoming CPD seminar, which was run twice in London, will share the latest update on RICS initiatives in connection with the ICMS of global significance to our industry, where this may give opportunity to influence the future of your profession.
Stephen Ballesty, FRICS, FAIQS, ICECA, CQS
Stephen Ballesty is a director, and currently head of advisory and research of Rider Levett Bucknall with over 30 years of experience. He is a Fellow of both the RICS and AIQS, and a certified quantity surveyor.
Stephen has contributed to many industry publications, notably RICS's 'Technical Due Diligence Guidelines' (2009 and 2011); IFMA Foundation’s ‘Work on the Move’ (2011); PCA’s 'a Guide to Office Building Quality' (2006, 2012 and 2018); and the RICS-IFMA ‘Strategic FM Framework guidance note’.
He is currently working on the RICS’s ‘Global Technical Due Diligence Professional Statement’ and ‘Global Professional Statement on Cost Prediction’. Since 2017, he has been RICS Oceania’s representative on the RICS’s Global Cost Prediction working group attending both the London's 2018 workshops. Stephen is also a former member of the IFMA Board of Directors and Past Chairman of both the IFMA Foundation and FMA Australia.