BS ISO 15686-5:2008 Buildings and constructed assets. Service life planning Life cycle costing
This part of ISO 15686 gives guidelines for performing life-cycle cost (LCC) analyses of buildings and constructed assets and their parts.
BS ISO 15686-5 is the first international standard for property life cycle costing. BS ISO 15686-5 has been adopted in the UK and has been 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. The standard will also 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.
What does BS ISO 15686-5 include?
BS ISO 15686-5 gives guidelines for performing life-cycle cost (LCC) analyses of buildings and constructed assets and their parts. It also includes information on the following:
- Clear terminology and a common methodology for life-cycle costing (LCC)
- Practical use of LCC so that it becomes widely used in the construction industry
- The application of LCC techniques and methodology for a wide range of procurement methods
- Decision making and evaluation processes at relevant stages of any project
- Concerns over uncertainties and risks and improve the confidence in LCC forecasting
- Guiding principles, instructions, definitions for different forms of LCC and reporting
- Framework for consistent LCC predictions and performance assessment, which facilitates more robust levels of comparative analysis and cost benchmarking
- Common basis for setting LCC targets during design and construction, against which actual cost performance can be tracked and assessed over the asset life span
- Guidance on when to undertake LCC, to what level and what cost headings are appropriate for consideration
- The real value of effectively doing LCC in construction by using service-life planning
- The differences between life-cycle costing and whole-life costing (WLC)
- Cross-references to guidance on associated activities within the other parts of BS ISO 15686.