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(TCM-3307) (Presentation Only) International Construction Measurement Standards (ICMS) for Cost Comparison and Benchmarking in the Construction Sector

Level: Intermediate
Venue: 2019 AACE International Conference & Expo, June 16-19, 2019, New Orleans, LA, USA

Abstract: The globalization of the construction business has increased the need to make a meaningful comparative analysis between projects, assets, and sectors in different countries, not least by international organizations such as the World Bank Group, the International Monetary Fund, various regional development banks, non-governmental organizations and the United Nations. Consistent practice in presenting construction costs will bring benefits to benchmarking and comparison to the construction sector that is deemed to be a comparison resistant sector by economists. International Construction Measurement Standards (ICMS) are a consistent method for presenting costs with one universal framework for defining, classifying, presenting, and analyzing construction costs. The first edition of ICMS standardizes reporting of construction costs and soon to be launched the second edition brings the same consistency to reporting life-cycle costs. ICMS applies to a project, regional, state, national or international level. It enables better comparisons of costs that eventually increase investor confidence. The standard harmonizes cost, classification and benchmarking definitions to enhance comparability and consistency of capital projects. The second edition of ICMS that is under preparation expands this consistent framework to the reporting of life cycle costing for built assets. ICMS, a process and practice standards, is complemented with a data standard that allows the use of data technologies and analytics in storing, retrieving, reporting, and mining of cost data.