Consultation Draft: International Cost Management Standard, 3rd edition (ICMS 3)
International Cost Management Standard (ICMS) is a global standard for benchmarking and reporting of construction project cost and covers both capital and other life cycle costs while providing a way of presenting costs in a consistent format. The Hong Kong Institute of Surveyors is a member of the ICMS Coalition.
The consultation draft of ICMS 3rd edition is now available at https://consultations.intstandards.org/icms3/consultationHome, for consultation from 5 July to 10 September 2021.
Further to the capital costs in the 1st edition, and other life cycle costs in the 2nd edition, carbon emissions are now covered by the 3rd edition. Five new project types: ‘Offshore structures’, ‘Near shore works’, ‘Ports’, ‘Waterway works’ and ‘Land formation and reclamation’ have also been added.
The long title of ICMS has been changed from 'International Construction Measurement Standards' to 'International Cost Management Standard' to reflect the broader, high-level scope of its contents. The structural framework of ICMS remains unchanged.
Please download the draft ICMS 3rd edition and offer your valuable comments.
A copy of the current 2nd edition is available at https://icms-coalition.org/.