Prior to the launch of the International Construction Measurement Standard (ICMS) consultation in early November, Alan Muse, Global Director of Built Environment Professional Groups introduced the standard to a range of industry stakeholders in Doha and Dubai this week.
At present, the way construction project costs are measured and reported varies significantly from one market to the next and also from project to project. These differences make it difficult to compare project construction costs both within a market, and also benchmarking with projects around the world, thus increasing investment risk and impeding transparency.
Many of the organisations that set standards and guidelines on how construction projects are measured came together at the International Monetary Fund (IMF) in Washington D.C. in 2015 to launch the ICMS Coalition. This coalition seeks to develop and implement a common standard for construction measurement which will enhance transparency, investor confidence and public trust in the sector.
The correlation between effective construction measurement and big data was the topic of discussion at Alan’s session at the Middle East BIM Summit at Jumeriah Beach Hotel on 1 November. The benefits of BIM are well documented, but for BIM to work effectively, appropriate data has to be entered into the system. Alan believes the real challenge with implementing BIM effectively, lies with how to connect data and standards across the whole project lifecycle of land, construction, property and asset management, demolition and back to land.
To have standardised measurement information is therefore crucial, not only for the effective use of BIM, but also for all engaged parties to have a clear understanding of measurements that are being used and drawings submitted for approval purposes.
“Construction companies are becoming increasingly global, and property developers are beginning to invest in projects outwith their home country. This globalisation of construction has increased the need for comparative analysis between countries. ICMS will allow one single measurement standard worldwide, ensuring transparency and consistency in global markets”
Alan Muse, Global Director of Built Environment Professional Groups
Alan hosted a number of roundtable discussions with key industry stakeholders and RICS members in both Doha and Dubai, to introduce the consultation and discuss the standard in more detail. The formal consultation will launch on 18 November on www.icms-coalition.org, and RICS is seeking feedback from industry professionals worldwide.
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For more information, please contact:
RICS in Middle East: Lynne Davidson
Marketing & Communications Manager
ldavidson@rics.org
Tel: +971 (0) 4 391 3675
About ICMSC:
ICMS was developed by the International Construction Measurement Standards Coalition (ICMSC), which was formed on 17th June 2015 after meeting at the International Monetary Fund (IMF) in Washington DC. The Coalition, comprising the 43, aims to bring about harmonisation of construction cost reporting standards internationally. This is achieved by the creation and adoption of an agreed international standard for the structuring and presentation of cost reports. The standard sets out a structure for describing buildings and infrastructure in terms of project scope, attributes and values descriptors.
About RICS:
RICS promotes and enforces the highest professional qualifications and standards in the development and management of land, real estate, construction and infrastructure. Our name promises the consistent delivery of standards – bringing confidence to the markets we serve. We accredit 124,000 professionals and any individual or firm registered with RICS is subject to our quality assurance. With offices covering the major political and financial centres of the world, our market presence means we are ideally placed to influence policy and embed professional standards. We work at a cross-governmental level, delivering international standards that will support a safe and vibrant marketplace in land, real estate, construction and infrastructure, for the benefit of all.
© Press Release 2016
