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Canadian Industry Leaders Adopt International Standards for Construction Project Monitoring

August 27, 2018

TORONTO--(BUSINESS WIRE)--Aug 27, 2018--Infrastructure Ontario, AW Hooker, BTY Group, Hanscomb, Turner & Townsend, Arcadis and CBRE are all relying on standards set in place by an international coalition to address the critical issue of comparability in the construction sector. Following the international standard is 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.

“ICMS allows us to benchmark our costing in a way that is transparent for our clients,” said Alan Hand, Senior Partner at AW Hooker. “I’ve found in my work in Ontario and other provinces, there are slight variations in reporting from one region of Canada to another. ICMS ensures we’re all reporting consistently and in the same way.”

The International Construction Measurement Standards (ICMS) were developed by a coalition of 46 professional bodies including RICS, CIQS and CACQS to regulate how projects are monitored and reported on. Clients and governments are already demanding cost estimates and financial reports that are in line with ICMS.

“ICMS, in terms of having consistent commercial data, helps us demonstrate where the projects are delivering good value for money for the taxpayer or if they are not, it will identify areas where they can be improved,” said David Crewe, Global Head of Benchmarking, Turner and Townsend.

In December last year, RICS developed and launched a resource called “ICMS Explained: A user guide for International Construction Measurement Standards.” This technical document unpacks the structure and cost classifications to give practitioners a step-by-step guide to delivering ICMS.

RICS will be rolling out a series of in-person seminars over the coming months to guide users in the implementation of the standards. The first sessions will be held in Calgary and Vancouver in October with additional dates and locations to be added according to industry interest. For more information on upcoming training, visit rics.org.

RICS promotes and enforces the highest professional qualifications and standards in the valuation, development and management of land, real estate, construction and infrastructure. Our name promises the consistent delivery of standards - bringing confidence to markets and effecting positive change in the built and natural environments.

View source version on businesswire.com:https://www.businesswire.com/news/home/20180827005507/en/

CONTACT: RICS

Amie Silverwood, 437-990-4695

asilverwood@rics.org

KEYWORD: NORTH AMERICA CANADA

INDUSTRY KEYWORD: PUBLIC POLICY/GOVERNMENT PUBLIC POLICY REIT URBAN PLANNING CONSTRUCTION & PROPERTY COMMERCIAL BUILDING & REAL ESTATE RESIDENTIAL BUILDING & REAL ESTATE

SOURCE: RICS

Copyright Business Wire 2018.

PUB: 08/27/2018 02:10 PM/DISC: 08/27/2018 02:10 PM

http://www.businesswire.com/news/home/20180827005507/en

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