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Public consultation for the International Construction Measurement Standards (ICMS) launched last month, a step intended to help the ICMS Coalition—a group of more than 40 professional bodies—improve consistency across the global construction industry.
With almost $78 trillion estimated to be spent on global infrastructure between 2014 and 2025, it is becoming more and more crucial to curb risk factors such as the miscommunication caused by inconsistent industry standards. This pressure, in addition to that generated by growing investment demand and lower public spending, is prompting industry leaders to formulate a new approach to building and civil engineering project cost calculation.
Creating a universal cost measurement system will better equip the industry to overcome barriers to effective decision-making and investment. The ICMS Coalition is beginning this process with two steps: calling for professionals to incorporate common standards into construction investments, and inviting industry stakeholders to comment on the draft standard.
“This draft international standard presents huge opportunities for the global cost management profession. The current lack of consistency in construction leads to misunderstanding and uncertainty which inhibits sounds investment decisions,” says Ong See Lian, who chairs the ICMS Coalition Standard Setting Committee (SSC). “We’ve worked hard to get the new standard to this point and we now need to hear from cost consultants, quantity surveyors, and civil engineers around the world.”
Comments may be submitted until January 13.
