BCIS guide supports life cycle costing standard

PR049

Companies that calculate the whole cost of a building’s life at the outset of a project will save money, as well as producing more sustainable buildings for the future, if they follow new advice from RICS Building Cost Information Service (BCIS) and the British Standards Institution (BSi).

The Standardized Method of Life Cycle Costing for Construction Procurement* is set to have a major impact on all future construction procurement as clients focus more on setting accurate budgets which optimise their life cycle costs, from both a whole life value and sustainable development perspective.

To implement sustainability in their buildings clients need to know the total cost of their investment in the building, rather than just its initial cost.

Standardising this practice will enable life cycle costing to become more widely used across all forms of private and public sector building projects.

The objective of The Standardized Method of Life Cycle Costing is to provide:

• a UK standard cost data structure for life cycle costing which will align with the BCIS Standard Form of Capital Cost Analysis**, ISO 15686-5 and industry recognised occupancy cost codes
• an industry accepted methodology, to facilitate more accurate and consistent application of life cycle costing estimation
• simplification and demystification through practical guidance, instructions and definitions.

Joe Martin, Executive Director of BCIS comments:

"The publication of The Standardized Method of Life Cycle Costing will positively influence the use of life cycle costing in the construction industry.

"It provides practitioners with a clear scope and structure for presenting the costs, and clients with a checklist to determine the costs that they wish to see in their life cycle cost reports and a means of benchmarking costs in a consistent manner.

"The need to deliver sustainable buildings means that we need to consider the future ramifications current decisions about buildings will have.

"To make these decisions in a rational way we need to calculate the life cycle cost. The Standardized Method of Life Cycle Costing provides the structure for the early cost advice on life cycle costing available from BCIS Building Running Cost Online**".

Notes for editors:

* The Standardized Method of Life Cycle Costing for Construction Procurement supplements the first international standard for life cycle costing by the International Organization for Standardization (BS ISO 15686-5 Buildings and constructed assets – service life planning, Part 5: life cycle costing). 

The Standardized Method of Life Cycle Costing was produced by a BSI British Standards industry working group, convened by Andy Green, Director of Faithful+Gould and Joe Martin Executive Director of BCIS.

It is priced at £50 and can be ordered at www.bcis.co.uk or T +44 (0)870 333 1600 (select option 2 for BCIS sales) quoting item code 17474, or email sales@bcis.co.uk

** Standard Form of Cost Analysis - Principles, Instructions and Definitions, 3rd Edition is priced at £50 and can be ordered at www.bcis.co.uk or T +44 (0)870 333 1600 (select option 2 for BCIS sales) quoting item code 17474, or email sales@bcis.co.uk

** The BCIS Building Running Costs Online service is the definitive independent cost information service for professionals involved in life cycle costing, facilities management, maintenance, and refurbishment. BCIS has been researching the cost of occupying buildings in the UK for over 30 years, and has collected data on the occupancy and maintenance costs of buildings from subscribers and other sources. This information gives quick and easy access to the latest building running cost information. A free seven-day trial to BCIS Building Running Costs Online is available. Contact BCIS on T +44 (0)20 7695 1500.

About RICS

RICS (Royal Institution of Chartered Surveyors) is the mark of property professionalism worldwide. It covers all aspects of property, construction and associated environmental issues. RICS has 86,000 chartered members (FRICS and MRICS) and 55,000 members in other categories of membership (TechRICS, trainees and students) globally. It represents, regulates and promotes the work of these property professionals throughout 146 countries. RICS is governed by a Royal Charter approved by Parliament which requires it to act in the public interest. It is also a professional regulatory body approved by Government (HM Treasury). Visit www.rics.org/press

About BCIS

BCIS (Building Cost Information Service) publishes information on the capital cost of new and refurbished work collected from Chartered Quantity Surveyors and others working in the building industry.  BCIS is a trading name of RICS and was established in 1962 to exchange detailed building price information.

For more information: 

Claire Barratt
Press Officer
RICS Corporate Communications
T: +44 (0)20 7334 3736
F: +44 (0)20 7334 3722
E: CBarratt@rics.org
www.rics.org/press