With the news that all future major public sector construction procurement must be based on whole life ‘value for money’, life cycle costing is a valuable technique which is used for predicting and assessing the cost performance of constructed assets.
The first international Standard for property life cycle costing, BS ISO 15686-5:2008,
Developed by industry and in consultation with 17 countries, it is expected to have a major impact on all future construction procurement - particularly major investment and Private Finance Initiative (PFI) and Public-private partnership (PPP) projects.
It is anticipated that the British Standard will have an impact upon the design of new buildings through clients’ desire to set the right budgets and optimize their life cycle costs, from a whole-life value and sustainable development perspective.
Who will use this standard on life cycle costing?
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Procurers of constructed assets, with an interest in long term ownership – these may be public or private, or lessees with a reasonably long period of interest in the property and/or responsibility for maintenance and /or operational costs
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Designers
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Constructors and their specialist suppliers of materials and components
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Facility operators (to help them input more effectively into the design process)
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Cost consultants and other specialists
To read more visit http://www.bsi-global.com/
