This webinar will address issues related to lack of uniformity in cost estimates and cost data collection. Consistent practice in presenting construction costs will bring benefits to benchmarking and comparison to the construction sector that is deemed to be a comparison resistant sector by economists.
International Construction Measurement Standards (ICMS) are a consistent method for presenting costs with one universal framework for defining, classifying, presenting, and analyzing construction costs. The first edition of ICMS standardizes reporting of construction costs and soon to be launched the second edition brings the same consistency to reporting life-cycle costs. ICMS applies to a project, regional, state, national or international level. It enables better comparisons of costs that eventually increase investor confidence. The standard harmonizes cost, classification and benchmarking definitions to enhance comparability and consistency of capital projects. ICMS, process and practice standards, are complemented with a data standard that allows the use of data technologies and analytics in storing, retrieving, reporting, and mining of cost data. Also discussed will be the value of this effort, the wide-spread global support, potential challenges to this uniform structure, and how ICMS Coalition is developing mapping to ensure universal acceptance.
By attending this webinar, participants will learn:
- The importance of consistent cost data and its linkage to cost benchmarking, comparisons, cost predictions and early cost advice
- How to use ICMS on their projects
- Develop an understanding of globally accepted cost classification systems and how they can be mapped to ICMS
- Role of data analytics and related technologies for cost engineers
About the speakers:
Chris Carson is Enterprise Director of Program & Project Controls and Associate VP for Arcadis U.S., the global engineering/consultancy firm, with over 40 years of experience in Construction Management and Project Controls. Chris has contributed to over 25 publications and presented more than 600 industry training sessions. He is certified in CM and Project Controls disciplines by AACE, RICS, CMAA, and PMI.
Anil Sawhney is the Director of the Infrastructure Sector for the Royal Institution of Chartered Surveyors (RICS). He leads the emerging RICS initiative and strategy on placing and positioning the Institution within the field of commercial management of infrastructure projects globally. His primary focus is on the (economic) infrastructure sector, defined by the RICS as transport, utilities, energy and similar fields. Anil is involved in the production of infrastructure sector’s body of knowledge, standards, guidance, practice statements, education, and training. He’s also a Visiting Professor at Liverpool John Moores University in the UK. Dr Sawhney is also a Fellow of the Royal Institution of Chartered Surveyors (FRICS) and a Fellow of the Higher Education Academy (FHEA) of the UK. Anil has a rich mix of academic, research, industry and consulting experience gathered working in the USA, India, Canada, the UK, and Australia. He was recently appointed to the Editorial Board of the Institution of Civil Engineers (ICE) Journal of Infrastructure Asset Management.
CCM Recertification Points: 1
Professional Development Hours (PDH): 1
AIA Learning Units (LU): 1