Framework for value-based decision-making for investments in the built environment publishes
20 June 2022
BSI, in its role as the UK National Standards Body, publishes the first iteration of a new standard to enable a consistent approach to value-based decision making in the management of built environment investment projects. As part of a move to ensure that good practice is established and suitably disseminated, diffused, and maintained for use within the built environment sector, the standard sets out requirements for a client’s investment decision-making process.
The standard, named BSI Flex 390: Built environment – Value-based decision-making – Specification, is available for public consultation until Monday 18 July 2022. It can be reviewed and commented on here.
The current standard can be applied to investment and procurement decisions relating to all types of assets, regardless of size, complexity, or chosen procurement strategy. It can enable policy objectives to be delivered more effectively, as well as the delivery of better outcomes.
It is intended for use by those with responsibility for planning and developing investments in built environment assets. This includes organizations appointed to advise asset managers, such as investment managers and analysts, commercial managers, cost managers or quantity surveyors, and design managers.
Dan Rossiter FCIAT, Digital Built Environment Standards Lead, BSI said: “We welcome comments on the first iteration of this important consensus-driven standards that will help to drive good practice investment and procurement decisions throughout the built environment. In our role as the UK National Standards Body, we are proud to provide clear value-based decision-making provisions to build confidence in a transparent and rigorous investment and procurement process.”
Ian Nicholson, Value Delivery Lead, Construction Innovation Hub said:
“We are delighted to have reached this important milestone for the Value Toolkit project in the Construction Innovation Hub. We welcome the publication by BSI of its first version of a new standard to enable a consistent approach to value-based decision-making in the built environment. The Flex Standard will ensure the over-arching principles the Value Toolkit is founded on are set in stone and accessible to all”.
This BSI Flex was sponsored by the Construction Innovation Hub.
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Notes to Editors:
The standard has been developed by representatives from the following organizations; Akerlof, Arup, Building Research Establishment, Costain, Crown Commercial Service, Defence Infrastructure Organisation, Institute for Value Management, Mace, Rider Levett Bucknell, Royal Institution of Chartered Surveyors, and UK Green Building Council.