International Cost Management Standard (ICMS)
About ICMS
The International Cost Management Standard Coalition (ICMSC) is a group of 49 professional and not-for-profit organisations from around the world, working together to develop and implement international standards for benchmarking, measuring and reporting construction project costs. Since the publication of the first edition in July 2017, the International Cost Management Standard (ICMS) has provided a single methodology for reporting, grouping and classifying construction project costs. In response to industry feedback following the publication of the first edition of ICMS, the ICMS Coalition updated the standard to incorporate life cycle costs. ICMS began with the first two versions of the standard covering cost for construction and the whole life cycle of infrastructure assets: With the built environment responsible for around 40% of the global carbon emissions, it is crucial that leaders have clear comparable data to achieve carbon and cost targets. The ICMS Coalition of 49 globally-prominent organisations has developed ICMS 3 – a world first for cost and carbon management in infrastructure.
ICMS 3 will contribute positively to efforts to decarbonise the construction sector in the most cost-effective way. Through ICMS 3, professionals will for the first time be empowered to deliver a globally consistent method for carbon life cycle reporting across construction projects, from buildings and bridges to ports and offshore structures.
ICMS: Global Consistency in Presenting Construction Life Cycle Costs and Carbon Emissions, 3rd edition
By providing a common reporting framework for life cycle costs and carbon emissions, ICMS allows their interrelationship to be explored, and provides the opportunity to make decisions about the design, construction, operation and maintenance of the built environment to improve environmental sustainability
ICMS 3 Explained User Guide
This guide should be read with the SCSI‘s International Property Measurement Standards user guide and the SCSI mapping guide between ICMS3 and the National Standard Building Elements.
Guide to Mapping National Standards Building Elements (NSMBE) to ICMS Information Paper
Guide to Mapping National Standard Building Elements to International Construction Measurement Standard ‘International Cost Management Standard
ICMS Whole life carbon assessment for the built environment
RICS Whole life carbon global best practice providing guidance in relation to the entire life cycle of a built asset, from its construction through to its end of life. A whole life carbon assessment (WLCA) is the calculation and reporting of the quantity of carbon impacts expected throughout all life cycle stages of a project, but also includes an assessment of the potential benefits and loads occurring beyond the system boundary.
Watch: ICMS Short Course on ICMS and associated documents
International Property Measurement Standards (IPMS)
About IPMS
The International Property Measurement Standards (IPMS) are developed by a group of more than 80 professional and not-for-profit organisations, working together to implement international standards for measuring property. Drafted by Standards Setting Committee (SSC), the IPMS establishes a consistent methodology for measuring buildings around the world and help users and related organisations have confidence in what to expect when they instruct a professional to measure their buildings.
All Buildings supersedes all previously published IPMSC standards for individual asset classes by utilising the concepts and objectives contained in those specific versions of IPMS into one harmonised standard. IPMS All Buildings is applicable to all types of Buildings independent of their use or their occupation. IPMS are sufficiently flexible to apply to different purposes such as:
- Analysis and Benchmarking
- Property Financing
- Construction Cost Rates and Ratios
- Property Management
- Conversion between Measurement Standards
- Research
- Cost Allocation
- Summary Costing
- Insurance
- Sustainability & Energy Efficiency
- Planning and Architecture
- Valuation/Transactions (incl: leasing and sales)
- Property Development
IPMS: All Buildings
IPMS All Buildings supersedes all previously published IPMSC standards for individual asset classes by utilising the concepts and objectives contained in those specific versions of IPMS into one harmonised standard. IPMS All Buildings is applicable to all types of Buildings independent of their use or their occupation.
