Help Us Reduce Risk in the Global Construction Industry

Craig Bye PQS (F), Past Chair of CIQS tells us about a pioneering project which aims to bring global consistency to the way construction costs are measured.
Craig Bye, PQS (F)

Craig Bye, PQS (F)

Past Chair of CIQS

Craig Bye PQS (F), Past Chair of CIQS tells us about a pioneering project which aims to bring global consistency to the way construction costs are measured.

“The current lack of consistency when it comes to measuring construction costs leads to misunderstanding and uncertainty which inhibits sounds investment decisions. We at the Canadian Institute of Quantity Surveyors are contributing to a pioneering project which attempts to tackle this problem head on.
“As part of the ICMS Coalition, we are developing a new global standard which aims to provide greater global consistency in classifying, defining, analysing and reporting construction costs at a project, regional and national level.
“We now need to hear from you and other Professional Quantity Surveyors, cost consultants, Project Managers, Architects and civil engineers around the world.”
ICMS

The Coalition opened a consultation on the draft standard and we are asking people globally to tell us their opinion by January 15, 2017. Your input can be provided at the following link:

www.icms-coalition.org/consultation

  • Construction might be a global industry but the way it presents and reports costs varies considerably
  • The way costs are analysed is often still determined by the markets in which work is carried out. Such inconsistency in standards causes misunderstanding, uncertainty and confusion for investors
  • It is hard for construction professionals to understand if the costs they quote for a particular project are 1) value for money and 2) accurate
  • Yes. CIQS is playing a leading role with a global group of organisations called the International Construction Measurement (ICMS) Coalition and this is why we need your help by responding to the ICMS consultation
  • A group of the world’s leading construction professionals met in London recently to discuss the problem of inconsistency in presenting construction costs. These people make up the ICMS Trustees and Standards Setting Committee (pictured)
  • Together, we are working on a new international standard which aims to help create a universal system for measuring the cost of construction projects, allowing comparisons to be made on a like-for-like basis between countries.
  • Neal Argent, Executive Director, EY, UK: “ICMS for us is about how you create confidence in the market. How do you get good comparability of costs so that you remove the degree of variability that mega projects can sometimes suffer from in terms of cost estimation?”
  • Michael Frimpong from the Africa Association of Quantity Surveyors and the Ghana Institution of Surveyors. “We have a lot of investors coming to Africa and they need to be confident with the costs they are being presented with for infrastructures and buildings. We need clarity. We need transparency. We need to benchmark. We also need to have value for money. All these things are in the standards that are being written by the ICMS Coalition.
  • Varughese Mathew, Global President of the Indian Institute of Quantity Surveyors: "The world has become a global village and professionals travel from one country to another. Companies also move from one country to another to take different jobs so it’s important for people involved in construction projects to have standards they are familiar with. In this respect, ICMS will be an excellent tool.”
  • TT Cheung, Chairman of the International Cost Engineering Council: “ICMS will give us a platform that provides clarity and does away with uncertainty. Whether you are a user or service provider, this project is important.”
  • Julie De La Cruz, Technical Director, Arcadis, Philippine Institute of Certified Quantity Surveyors and founder of Philippine Institute of Built Environment. “Arcadis operates in over 40 countries and we have projects in over 70 countries. In the Middle East alone we operate in five countries so you can imagine that we convert costs between different standards. ICMS as a universal standard approach will solve problems of inconsistency. It will help us deliver better value for money, consistency of approach and providing meaningful benchmark information.”
  • Simon Longstaffe, Regional Director, Faithful+Gould, UK: “When I heard about this project, I thought ‘this will be really good as it will help clients and government bodies understand their cost base in a far better way’. One of the most important things in this is value for money because clients will better understand what they are paying and what other people are paying. And if government and clients aren’t overpaying, then there is obviously more money for elsewhere and that’s fantastic.”



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