The first international standard for property life cycle costing has been adopted in the UK.
“BS ISO 15686-5 Buildings and constructed assets – service life planning, Part 5: life cycle costing” covers the principles and processes of life cycle costing and defines how costing should be used in planning the sustainability of buildings.
An accompanying UK publication from RICS’s Building Cost Information Service (BCIS), “Standardised Method of Life Cycle Costing”, provides a standard cost data structure for life cycle costing.
Andy Green, director at Faithful+Gould and one of those involved in producing the BCIS publication, said: “Having a standard for life cycle costing will help the QS profession shape future construction procurement. The standards should provide the catalyst for all construction cost consultants to make a radical difference and practically do more accurate, consistent and robust life cycle costing estimation and option appraisals.”
