ICMS Quiz

What is the purpose of ICMS?

• To complicate the comparison of construction projects

• To increase transparency in construction cost reporting

• To create confusion in construction cost reporting

• To standardize the presentation of life cycle cost and carbon emissions

How many editions of ICMS have been published since 2017?

• 4th Edition (2023)

• 1st Edition (2017)

• 2nd Edition (2019)

• 3rd Edition (2021)

What is the main benefit of ICMS?

• To hide the causes of differences in costs between projects

• To complicate decision-making about construction projects

• To consistently and transparently benchmark construction costs

• To confuse construction costs

How does ICMS work?

• It is not implemented by any professional institutions

• It sets out universal rules for classifying, defining, measuring, and presenting construction costs

• It is developed and agreed at a local level

• It only applies to national level projects

What is the limitation of ICMS related to level of detail?

• It only focuses on currency and specification

• It does not cover civil engineering projects

• It does not require detail report on quantities

• It requires excessive detail report on quantities

What is the extent of coverage of civil engineering projects in ICMS?

• Covers 15 common civil engineering projects

• Covers 10 common civil engineering projects

• Covers 5 common civil engineering projects

• Covers 18 common civil engineering projects

What is the purpose of the 3rd Edition of ICMS?

• To complicate the reporting of carbon emissions

• To confuse the classification of construction costs

• To hide the causes of differences in costs between projects

• To reinforce the effort of achieving net zero carbon in construction

Why is ICMS important for the construction industry?

• To increase confusion in comparing projects around the world

• To decrease transparency in construction cost reporting

• To complicate the decision-making about construction projects

• To improve transparency, investor confidence, and public interest

What is the main difference between ICMS and elemental cost planning?

• ICMS only applies to regional level projects, while elemental cost planning applies to international level projects

• ICMS does not require detail report on quantities, while elemental cost planning does

• ICMS focuses on life cycle cost, while elemental cost planning does not

• ICMS does not cover civil engineering projects, while elemental cost planning does

How many members are there in the ICMS Coalition?

• More than 50 members

• More than 40 members

• More than 30 members

• More than 20 members