QS firms can build up Life Cycle Costs on a common platform internationally
Following a worldwide collaboration between procurers, practitioners and QSs, ISO 15686 Part 5 for Life Cycle Costing (LCC) is due to be issued in the next few months.
The ISO will allow organisations to build up LCC 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.