Improving Certainty in Construction: The Need for International Standards

Muse, A; Sullivan, J; Smith, P

Improving Certainty in Construction: The Need for International Standards

Muse, A Sullivan, J Smith, P

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Publisher:: Federation of Scientific & Technical Associations (FAST)
Publication Type:: Conference Proceeding
Citation:: IICEC 2014 - IX World Congress - Re-Engineering Total Cost Management, 2014, pp. 1 - 11 (11)
Issue Date:: 2014-10-20

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Field	Value	Language
dc.contributor.author	Muse, A	en_US
dc.contributor.author	Sullivan, J	en_US
dc.contributor.author	Smith, P https://orcid.org/0000-0001-5825-2014	en_US
dc.date	2014-10-20	en_US
dc.date.issued	2014-10-20	en_US
dc.identifier.citation	IICEC 2014 - IX World Congress - Re-Engineering Total Cost Management, 2014, pp. 1 - 11 (11)	en_US
dc.identifier.isbn	9788894014105	en_US
dc.identifier.uri	http://hdl.handle.net/10453/35563
dc.identifier.uri	http://hdl.handle.net/10453/35559
dc.identifier.uri	http://hdl.handle.net/10453/35553
dc.identifier.uri	http://hdl.handle.net/10453/35561
dc.identifier.uri	http://hdl.handle.net/10453/35560
dc.identifier.uri	http://hdl.handle.net/10453/35562
dc.description.abstract	Purpose: Uncertainty is a major drag on investment in construction and infrastructure. In turn, uncertainty is often caused by a lack of comparable, consistent and collaborative standards. The paper will explore the vision of how International Construction Measurement Standards (ICMS) could appropriately connect with, and be a next step, of International Property Measurement Standards (IPMS) (a current, ongoing project). ICMS would involve the collaborative development and implementation of internationally agreed and recognized measurement standards for the construction and infrastructure sectors. Design and Methodology: A review of economic literature, applied to how standards improve efficiency and decision-making, is undertaken. Since global accounting standards follow this principle, it is then shown how this can be applied to the measurement of floor areas and hence property valuation (a substantial sub-set of the now accepted International Financial Reporting Standards). In turn, it is shown how the same principles can be applied to the measurement of construction, with the attendant improvement in efficiency and certainty that this will bring, culminating in examples of areas where the standards could be developed with collaborating and like-minded, expert, bodies. Findings: Currently, there is a lack of measurement standards relevant to the construction industry at a global level. This lack of measurement standards means that construction projects, their inherent works elements and the resultant assets are incomparable from one geographical market to another. In addition, robust global benchmarks for cost, time, quality, risk, sustainability and technology are not available. The IPMS coalition now constitutes over 40 organizations and is functioning productively and effectively. It would be intended to extend this concept and form a separate coalition to represent key, global construction bodies. Value and practical implications: Adopt a “top down, bottom up” approach to develop a set of international, principle-based, measurement standards, which will cascade through the international markets (top down) to enable accurate and efficient benchmarking and comparison of construction performance worldwide. The international measurement standard principles should integrate with detailed measurement standards in accordance with local market jurisdictions to ensure the standards are adopted by practitioners (bottom up). The standards should be developed in consultation with expert, international practitioners, bodies, and panels, subject to international consultation and stakeholder review.	en_US
dc.publisher	Federation of Scientific & Technical Associations (FAST)	en_US
dc.relation.ispartof	IICEC 2014 - IX World Congress - Re-Engineering Total Cost Management	en_US
dc.relation.ispartof	World Congress on Cost Engineering, Project Management and Quantity Surveying, AACE American Association of Cost Engineers	en_US
dc.title	Improving Certainty in Construction: The Need for International Standards	en_US
dc.type	Conference Proceeding
utslib.location	Milan, Italy	en_US
utslib.location.activity	Milan, Italy	en_US
utslib.for	1202 Building	en_US
dc.location.activity	Milan, Italy
pubs.embargo.period	Not known	en_US
pubs.organisational-group	/University of Technology Sydney
pubs.organisational-group	/University of Technology Sydney/e-Press
pubs.organisational-group	/University of Technology Sydney/Faculty of Design, Architecture and Building
pubs.organisational-group	/University of Technology Sydney/Faculty of Design, Architecture and Building/School of Built Environment
utslib.copyright.status	closed_access
pubs.consider-herdc	true	en_US
pubs.finish-date	2014-10-22	en_US
pubs.place-of-publication	Milan, Italy	en_US
pubs.publication-status	Published	en_US
pubs.start-date	2014-10-20	en_US

Abstract:

Purpose: Uncertainty is a major drag on investment in construction and infrastructure. In turn, uncertainty is often caused by a lack of comparable, consistent and collaborative standards. The paper will explore the vision of how International Construction Measurement Standards (ICMS) could appropriately connect with, and be a next step, of International Property Measurement Standards (IPMS) (a current, ongoing project). ICMS would involve the collaborative development and implementation of internationally agreed and recognized measurement standards for the construction and infrastructure sectors. Design and Methodology: A review of economic literature, applied to how standards improve efficiency and decision-making, is undertaken. Since global accounting standards follow this principle, it is then shown how this can be applied to the measurement of floor areas and hence property valuation (a substantial sub-set of the now accepted International Financial Reporting Standards). In turn, it is shown how the same principles can be applied to the measurement of construction, with the attendant improvement in efficiency and certainty that this will bring, culminating in examples of areas where the standards could be developed with collaborating and like-minded, expert, bodies. Findings: Currently, there is a lack of measurement standards relevant to the construction industry at a global level. This lack of measurement standards means that construction projects, their inherent works elements and the resultant assets are incomparable from one geographical market to another. In addition, robust global benchmarks for cost, time, quality, risk, sustainability and technology are not available. The IPMS coalition now constitutes over 40 organizations and is functioning productively and effectively. It would be intended to extend this concept and form a separate coalition to represent key, global construction bodies. Value and practical implications: Adopt a “top down, bottom up” approach to develop a set of international, principle-based, measurement standards, which will cascade through the international markets (top down) to enable accurate and efficient benchmarking and comparison of construction performance worldwide. The international measurement standard principles should integrate with detailed measurement standards in accordance with local market jurisdictions to ensure the standards are adopted by practitioners (bottom up). The standards should be developed in consultation with expert, international practitioners, bodies, and panels, subject to international consultation and stakeholder review.

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http://hdl.handle.net/10453/35553