After years of worldwide collaboration between procurers, practitioners and the QS profession, ISO 15686 Part 5 for Life Cycle Costing (LCC) is due to be issued in the next few months (following a penultimate ballot). Project and cost management consultant Faithful+Gould, has been working closely with RICS/BCIS, CIBSE, Defence Estates, many procurers and leading fellow practitioners to achieve this end.
The ISO will allow organisations to build up Life Cycle Costs of construction projects on a common basis internationally. At present, there is no way to compare LCC estimates, and few organisations are able to estimate LCC. The ISO will eliminate confusion in the industry and is likely to become the established methodology going forward.
Faithful+Gould has been playing a central role in putting these new standards into practice and changing the way the industry views and implements whole LCC strategies on live projects.