Changes to Cost Control to include Whole Life Costs

27 October 2023

The International Cost Management Standard (ICMS) is a global standard for benchmarking and reporting of construction project cost and carbon. The new version, ICMS 3, provides a way of presenting capital and whole life costs in a consistent format.

The OGP have now published Cost Control Templates incorporating ICMS 3 for a range of project types. They are located in Pillar Three of the CWMF website.

These templates are now available for use in contracts going to tender. Currently, use of the templates is optional. Use of the templates will become mandatory for projects commencing Stage (i) of the Capital Works Management Framework in January 2024.

Phase out of CO Series

The CO series of cost templates for Cost Procedures in Pillar Three will be phased out for new projects, and will be replaced with the CC series of cost template for Cost Planning Control.

Further guidance notes will be published on the CWMF website by year end.

The Society of Chartered Surveyors Ireland (SCSI) have published an explainer for ICMS 3 on their website.