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Professor Malcolm Horner CEng FICE talks about a new universal system that enables global comparison of construction project costs. Until now it has been almost impossible for governments and investors to compare construction costs across different countries making it hard to demonstrate return on public investment in infrastructure projects such as Crossrail or HS2. This inconsistency in information causes poor cost prediction and cost overruns in 9 out of 10 projects.
The new International Construction Measurement Standards (ICMS) will revolutionise global industry by improving cost prediction in infrastructure projects. ICMS will provide a single international methodology for cost reporting, boost the potential of BIM and big data, make it easier to put a reliable price tag on projects across the world and help unlock billions of dollars of international investment.
$78 trillion dollars needs to be spent on infrastructure between 2014 and 2025. Professional collaboration is needed to standardise cost definitions and classification and the ICMS coalition has risen to World Economic Forum's call and seen the need to de-risk these projects for public and private sector investors.
Arup, Arcadis, Gardiner and Theobold, Faithful+Gould, Turner Townsend and Gleeds are among leading organisations who are supporting this new initiative by registering as partners.
Malcolm Horner graduated with BSc and PhD degrees in Civil Engineering from University College London and spent several years in industry before being appointed in 1977 to a Lectureship in the Department of Civil Engineering at the University of Dundee, where he is Emeritus Professor of Engineering Management and leads the Construction Management Research Unit.
He is a fellow, both of the Royal Society of Edinburgh and of the Institution of Civil Engineers, an Honorary Fellow of the Royal Incorporation of Architects in Scotland, and a former Vice Principal of the University of Dundee. He is founder Chairman of the University spin out company, Whole Life Consultants Ltd, and chaired CITB's technical reference group for labour market intelligence. He has held numerous directorships in private and public sector organisations.