The Global Project Cost Management Association

Australian Institute of Quantity Surveyors
Publication Type:
Conference Proceeding
ICEC-PAQS 2018 Conference Proceedings, 2018, pp. ? - ? (15)
Issue Date:
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This paper examines the global development of the project cost management profession and explores the opportunities that the profession might benefit from by implementing over-arching global strategies to raise professional recognition and standards on a global scale. For the purposes of this paper Project Cost Management is used as the single descriptor for the professional roles of cost engineering, quantity surveying, project management and project controls. The paper commences with an analysis of the various terminologies used to describe the profession around the world and the major global and regional associations representing the profession. This is followed by a comparison of the major regional differences in registration/certification requirements for the profession. The purpose of the paper is examine how the identified differences affect the transportability of professional project cost management services between countries and the effect that they have on global recognition of the profession. The research method underpinning this study comprises interviews with professional cost management associations that are members of the Pacific Association of Quantity Surveyors (PAQS) and the International Cost Engineering Council (ICEC). The research results reveal that whilst there are differences in practices, standards and registration/certification requirements, the fundamental principles and procedures of project cost management practice are the same throughout the world. The paper concludes with a range of recommendations and strategies to help unify the profession. It will put forward the proposition that collaboration between the various cost management professional associations around the world is the key. The catalyst for change lies with the current International Cost Management Standards (ICMS) initiative that has been developed by a coalition of over 40 professional cost management associations from around the world to implement international standards for benchmarking, measuring and reporting construction project cost. This global coalition provides tremendous opportunities to go well beyond the ICMS project to further develop the profession on a global scale and establish a greater global identity.
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