ICMS: International Construction Measurement Standards 2
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…