International Construction Measurement Standards, 2nd Edition Now Issued For Consultation
Life cycle costs (LCC) play a pivotal role in the financial management of construction projects around the world. As a part of the whole life cost (WLC), they allow critical decisions to be made about the importance of capital and longer-term costs that ultimately affect asset performance, longevity, disaster resilience and sustainability. It is for this reason that the ICMS Coalition has revised and extended the scope of International Construction Measurement Standards (ICMS) to incorporate this broader cost classification. This new edition supersedes the first edition of ICMS (July 2017) although this second edition can still be used solely for capital cost reporting.Since inception, the driving principle behind ICMS have been that consistent practice in presenting construction costs globally…