AP NEWS

Industry Leaders Adopt International Standards for Construction Project Monitoring

November 27, 2018

TORONTO--(BUSINESS WIRE)--Nov 27, 2018--Companies including Gleeds, 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.

“Gleeds recognized the need for the implementation of a consistent standard for the measurement and reporting of construction costs worldwide. We were therefore delighted to contribute to the initiative and now fully champion the use of ICMS as a global benchmarking standard. ‘Best Value’ facilitated by the gathering and management of cost data will be significantly improved for the benefit of the built environment everywhere,” said Chris Soffe FRICS, FCIOB, President & CEO of Gleeds Americas.

The International Construction Measurement Standards (ICMS) were developed by a coalition of 46 professional bodies 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.

“In order to demonstrate that each project is delivering value, the construction industry needs a common approach to measurement,” said Lionel Dore MRICS, Director BTY Group. “That is the only way in which cost data can be analyzed and one project benchmarked against another on the same basis. It’s a game changer for us as Cost Managers.”

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. 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/20181127005135/en/

CONTACT: Amie Silverwood

437-990-4695

asilverwood@rics.org

KEYWORD: NORTH AMERICA CANADA

INDUSTRY KEYWORD: ARCHITECTURE PROFESSIONAL SERVICES REIT URBAN PLANNING CONSULTING CONSTRUCTION & PROPERTY COMMERCIAL BUILDING & REAL ESTATE RESIDENTIAL BUILDING & REAL ESTATE

SOURCE: RICS

Copyright Business Wire 2018.

PUB: 11/27/2018 09:23 AM/DISC: 11/27/2018 09:23 AM

http://www.businesswire.com/news/home/20181127005135/en

AP RADIO
Update hourly