The International Cost Management Standard (ICMS) is a standard for cost management of construction projects globally. CEEC is one of the member organisations of 50 professional and not-for-profit organizations from around the world, working together to develop and implement international standards for benchmarking, measuring and reporting construction project cost. The ICMS was launched on 24th of July in 2018 at the PAQS Meeting in Vancouver and enables, for the first time, better comparison in order to improve investor confidence and attract more private sector funding. In response to industry feedback following the publication of the first edition of ICMS, the ICMS Coalition has worked on a second edition which incorporates life cycle costs. The second edition enables practitioners to classify costs across the whole project life cycle, eliminating inconsistencies and discrepancies when accounting, comparing and predicting project finances.
Since ICMS-2 the coalition has worked to develop ICMS-3, including capital costs, life cycle costs and carbon emissions. The ICMS-3 allows their interrelationship to be explored, and provides the data to make decisions about the design, construction, operation and maintenance of the built environment that optimises environmental sustainability. To ensure the standard is fit for purpose a consultation is launched for professionals globally to feed into. The consultation closes on 10 September 2021, with the final document ready for publication later in the year. All stakeholders in the construction and infrastructure sectors can comment on the draft standard.
Go to our ‘Downloads’ page to download the ICMS-2.
Click here to comment on the ICMS-3 draft.
For more information, please visit the website of ICMS