International Cost Management Standard (ICMS)
Providing Global Consistency to Construction Cost Reporting
ICMS is a global standard for benchmarking and reporting of construction project cost and covers both capital and whole life costing while providing a way of presenting costs in a consistent format.
Research from the World Economic Forum has shown that improvements in the design and construction process can be achieved by using international standards like ICMS to gain comparable and consistent data. ICMS provides a high-level structure and format for classifying, defining, measuring, recording, analysing and presenting construction and other life-cycle costs.
This will promote consistency and transparency across international boundaries which in turn will lead to more confidence to increase global investment in construction projects.
You can download the standard for free here:
ICMS was created through a transparent and inclusive standards-setting process that is led and organised by a coalition of 47 non-governmental, not-for-profit professional bodies that came together to bring about consistency in construction project cost reporting standard internationally.
Please find also a useful Excel template to assist in the preparation of ICMS cost reports.
A Standard Setting Committee (SSC) of leading experts who came together to draft the standard and represented a wide range of professional construction organisations in the built environment.
Examples of ICMS would be used include:
- Global investment decisions
- Consistent data to go into a Building Information Model (BIM)
- International, national, regional or state cost comparisons
- Feasibility studies and development appraisals
- Project work including cost planning and control, cost analysis, cost modelling and the procurement and analysis of tenders
- Dispute resolution work
- Reinstatement costs of insurance
- Valuation of assets and liabilities.
Watch and discover more about ICMS