International Cost Management Standards (ICMS) aims to harmonise cost reporting across the globe. Read this summary document which explains how this is done.
ICMS is a principles-based international standard that sets out how to classify, define, measure, record, analyse, present and compare construction project life cycle costs and carbon emissions in a structured and logical format. Although life cycle costs include only construction, renewal, operation, maintenance and end of life costs, ICMS also makes provision for including acquisition costs, which may significantly impact a project’s budget. The SCSI applies the ICMS to its various research reports, which assists government to cross compare between international figures – see for example, Building Homes.
In addition to this explainer, we encourage you to:
- Download ICMS 3
- See how to Map from the National Standards Building Elements (NSBE) to ICMS
- Watch the ICMS Short Course (members can watch here and add to their CPD log)
By adopting ICMS, you contribute to a more transparent, consistent, and internationally aligned construction industry where we are demonstrating our value as leaders to our clients. Let’s lead the way together.