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A new international cost control standard for the construction sector will help bring greater confidence to an industry that is critical to creating resilient and successful projects.The second edition of the International Construction Measurement Standards (ICMS 2) was developed by a 50 strong global coalition of professional bodies, including the IET Project Controls Network.


Its purpose is to improve financial management by standardising cost reporting, improving cost prediction and control data, and aiding forensic analysis of construction costs.


"This new standard is a game changer for the global construction industry, representing the first time there will be an internationally standardised way to report the full life cycle cost for portfolios, programmes, and projects around the world."


"In simple terms, this means that projects can be easily and quickly be compared across jurisdictions, giving decision-makers better tools to analyse the impact of their investment in construction, and now across the full life-cycle of the built asset."


With the global construction sector expected to grow in output by 85% to $15.5 trillion USD by 2030, any savings will make a meaningful difference given that there is already more investment needed than the world can afford.


"Ultimately though this goes beyond the financial implications – helping the construction sector deliver is the only way the world can construct more efficiently and improve the infrastructure we all rely on to lead positive, fulfilling lives”.

Download the Standard


For further information contact the IET Project Controls Network representative on the ICMS Coalition Alec Ray   


If you are interested in the ICMS, you can still view our webinar, organised earlier this year 

Uploaded 3 October 2019 on behalf of Alec Ray