45 global organisations have joined together in order to release a new measurement system that is expected to reduce the risk encountered on construction projects. The newly created International Construction Measurement Standards intend to reduce the infrastructure investment risk. A range of different organisations were a part of the 45 that formed a coalition to create the standards. Among the number was the Royal Institution of Chartered Surveyors as well as the Chartered Institution of Civil Engineering Surveyors, the Indian Institute of Quantity Surveyors and the International Cost Engineering Council.
Infrastructure projects that are carried out around the world all have different ways to forecast the cost of construction. This inconsistency means that investment can be risky and lead to confusion as investors find themselves unable to compare schemes. The creation of the International Construction Measurement Standards works to form a standard high level presentation of costs for projects. This standardisation shows the cost of construction at a project, regional, state national or international level and offers a consistent measurement on a global scale.
This newly created system will also be beneficial to the construction industry as it will make investment decisions more simple and remove one of the barriers for investment in this industry. This could lead to improved global construction project benchmarking, which means that investor confidence can also be built, appeal more to private sector investors.
Arcadis is one of the companies that has committed to making sure that the new measurements are used in The UK. Arcadis also works in 40 different countries, with projects in 70 different countries. One standard cost measuring systems will incredibly beneficial, removing the need to convert the costs into the for required format for the country. This standard will remove the inconsistency experienced by companies working internationally as well as the helping the companies offer a better value for money service.
