The lack of a uniform approach can lead to confusion and the inability to compare construction cost on a like-for-like basis. ICMS achieves this by standardising the high level presentation of costs on projects and provides:
- More effective global cost comparisons
- Better investment and funding decisions
- Improved cost prediction and management
- Consistent accounting
The RIBA is a member of the International Construction Measurement Standards Coalition (ICMSC), a growing group of more than 40 professional and not-for-profit organisations from around the world, working together to develop and implement international standards for benchmarking, measuring and reporting construction project cost.
Global construction is forecast to grow 85% to 17.5 trillion US Dollars by 2030. It will then account for 15% of world output. For architects, understanding cost reporting is an essential business skill.
Visit the ICMS website to download the Standard and comment on consultations.