Friday, December 13, 2019

Building trust is key to successful infrastructure projects

 

 

As blogged on RICS.org, by adopting international construction measurement standards, governments can better plan and monitor projects and ensure value for money is being delivered.

High performing infrastructure is an enabler for growth, prosperity and the well-being of citizens. Even if infrastructure delivery is a priority for governments, there are often concerns about delays and transparency regarding infrastructure projects, programs and portfolios. That is why governments should insist that the International Construction Measurement Standards (ICMS) are followed.

There is an issue with the provisioning of accurate and timely project information to policymakers and government decision makers. Lack of accurate project budget information upfront, as well as project progress and cash flow data during execution, can cause distrust among key stakeholders in the infrastructure delivery value chain.

Some of this distrust stems from the absence of international standards in project management and commercial management of infrastructure projects. Without consistent and internationally-agreed upon industry standards, neither project sponsors nor owners can ensure that benchmarks are being met, and that best practices are being followed. Definitions and common practices differ across the country muddying contracts where they should be transparent. Moreover, data is not collected and reported in a standard, consistent and comparable form.

Standards that yield efficient project selection, project delivery, project control, reduction in life cycle costs, usable benchmarks and enhance asset performance must be adopted. Following ICMS is the first step in creating a seamless, global, hierarchy of construction cost classification that connects a high-level globally agreed cost structure to a granular, local cost measurement and classification system.

ICMS was developed by a coalition of 47 professional bodies, including RICS, to harmonize global cost reporting across markets, regions and sub-sectors. By insisting project stakeholders adopt these transparent standards, governments can better monitor projects and ensure value for money is being delivered.

Keep reading on RICS.org

 


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