ICMS Standards & Value of Cost Management Software Alignment
ICMS is an international standard created to provide organizations with a consistent means of grouping, classifying, and reporting construction and infrastructure project costs. The standards provide categorizations for all the costs associated with a project and is meant to provide consistency across countries and locations. This white paper will cover what ICMS is, what the current benefits and limitations of the standards are, and how they are expected to change in the near future. It addresses how companies in the construction industry benefit from utilizing cost management software like ARES PRISM to align with ICMS and how ARES PRISM supports these standards.
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“The implementation of ICMS allows businesses to have greater confidence in project costing estimates, and to compare project estimates, bids, and costs more easily regardless of the company or country undertaking the work. By incorporating cost management software that aligns with these standards, companies can ensure their project cost estimates and project reports comply with ICMS without having to manually manipulate the data outside of the software.”
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The International Cost Management Standard (ICMS), formerly known as the International Construction Measurement Standard (ICMS), is an international cost classification standard for construction projects published by the ICMS Coalition. With the growing acceptance of ICMS as a classification model for construction projects, it’s important that companies familiarize themselves with the standards so they can comply with future reporting requirements. ICMS aims to provide global consistency to construction cost reporting by presenting costs in a consistent format. By implementing software such as ARES PRISM, companies can generate estimates and report costing data in compliance with ICMS while still maintaining the ability to observe other internal and external costing structures required for internal governance or client request.