NEWS & ANALYSIS FMJ.CO.UK
ASSOCIATION NEWS
CONSTRUCTION MEASUREMENT STANDARD WILL
INCORPORATE LIFE CYCLE COSTS
Paul Bagust, Global Property Standards Director, RICS, tells us why this will have a big impact on
facilities PanagePent Zith cost classifi cations for reneZals operation anG Paintenance.
8 APRIL 2019
Global construction cost management and
procurement increasingly demands a value
for money approach. The World Bank and
other governments around the world are
incorporating both capital and life cycle costs
in their procurement decisions. However,
there is currently no international standard for
classifying costs across the whole project and
building life cycle, leading to inconsistencies and
discrepancies when accounting, comparing and predicting finances.
Since the publication of the first edition of an International Construction
Measurement Standard (ICMS) in July 2017, it has already achieved
worldwide adoption by governments, end users and professionals for capital
cost reporting. The second edition expands the scope of ICMS to include
renewal, operation, maintenance and end of life costs.
Life cycle costs play a pivotal role in the financial management of
construction projects around the world. They allow critical decisions to be
made about the importance of capital and longer-term costs that ultimately
a ect asset performance, longevity, disaster resilience and sustainability. It
is for this reason that ICMS is being revised and extended to incorporate this
broader cost classification.
Since inception, the driving principle behind ICMS has been that consistent
practice in presenting construction costs globally will bring significant
benefits to cost management. It will provide consistency in classifying,
defining, measuring, analysing and presenting entire life cycle costs of
buildings at regional, state, national or international level. Globalisation of
real estate has only increased the need to make this meaningful comparative
analysis between countries.
Stakeholders will benefit from a reporting system that provides
internationally comparable life cycle cost data. This will enable better
financing decisions, optimum design solutions, a value approach to
procurement and a bringing together of project and facilities financial
management to benefit a holistic view.
As digitisation of construction proceeds apace, standard international
classifications are required to enable new technologies to collect cost data,
identify di erences and seamlessly interact with design, environmental and
operational data. ICMS provides a global solution that has been immediately
adopted by the technology companies in the development of cost and design
so ware.
It is important that the consultation dra of the second edition of the
ICMS standards are reviewed by all construction stakeholders and facilities
managers around the world. Wide consultation will ensure that it meets the
needs of the global market and builds upon the widespread adoption of the
first edition of ICMS.
ICMS has been created through a transparent, detailed and inclusive
standard-setting process. The second edition has followed the same
development method and an independent Standards Setting Committee (the
SSC) was formed, including experts in life cycle costing.
To participate in the consultation of this
significant new standard please contact
consultation@icms-coalition.org
“Cold towels at the ready for the end of the day;
we’re going to challenge you all the way!”
This is the advice IWFM’’s Director of Insight and
Engagement Chris Moriarty has for delegates to
the Institute’s National Conference in London on
24 April, which promises to take professionals
through a thoughtful programme of current and
forward-thinking content, curated from industry
research and practice, to o er insights and knowhow
to help navigate tomorrow’s world.
Top commentators and thinkers working in
areas directly relevant to workplace and facilities
management will explore three key themes the
organisers are calling Disruption, Skills Perspective
and Be the Change.
We’ve compiled a multi-disciplinary programme
which positions prominent thinkers from leading
business schools, authors whose books explore
the future of work, experts in digital marketing
(and even a hostage negotiator from Scotland
Yard) at the heart of the discussion on the macro
environment; the changing nature of work; and the
skills and motivational push required to grasp the
opportunities presented by a fast changing word -
and to succeed.
The morning kicks o with Marcus Child, whose
overview will encapsulate the approach to the day,
Child is followed by Heather Carey who will share
her view on the UK’s current industrial landscape.
Exploring new challenges facing the work we do,
Lucy Adams and Anthony Slumbers look separately
at how human resources can be a weapon
for the workplace agenda and the wellbeing
debate, ‘disruption’, and the disruptive nature of
exponential technology facing the profession.
Daniel Rowles will unpack how technology can
create and impact on employee experience from
the world of marketing.
Finally, employee ethos, culture and
organisational performance will end the day,
as Carolyn Taylor and Richard Mullendar each
explore the specific skills that well rounded
professionals need - listening, experiential design,
culture change and leadership - from their unique
perspectives.
“When pulling together the content we wanted
to make sure that we delivered on our mission
to empower and enable workplace and facilities
managers”, said Moriarty. “We have purposefully
looked to ideas and experiences outside of
our professional circle. In bringing together
leading experts from other areas we can explore
common themes and bring fresh perspectives and
alternative experiences all presented in a single
stream of content”.
Moriarty continued: “In our desire to create
a continuous thread throughout the day, we
considered what it was that professionals
needed to navigate today’s landscape and the
opportunities and challenges that it brings.”
Gain the inspiration, awareness and skills
to seize the strategic opportunity. Tickets and
opportunities available at iwfmconference.org
IWFM NATIONAL CONFERENCE
link