The standard sets out requirements for a client’s investment decision-making process, effectively supporting the Value Toolkit.
The second version of this standard, named BSI Flex 390: Built environment – Value-based decision-making – Specification, incorporates updates that arose from comments received during the v1.0 public comment phase in July 2022. The revised standard is available for public consultation until 8 June.
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The standard is applicable to investment and procurement decisions relating to all assets, regardless of size, complexity, or procurement strategy. It can help deliver policy objectives more effectively, as well as the delivery of better outcomes.
It is intended to be used by those with responsibility for planning and developing investments in built environment assets. This includes those advising asset managers, such as investment managers and analysts, cost managers or quantity surveyors, and design managers.
Putting outcomes first
Dan Rossiter FCIAT, digital built environment standards lead at the BSI, said: “We welcome comments on the second iteration of this consensus-driven standard. We hope it will catalyse the use of outcome drivers and value scorecards to support decisions across the sector. We are proud to provide clear value-based decision-making provisions to build confidence in a transparent and rigorous procurement process.”
The Construction Innovation Hub sponsors the standard. Its programme director, Keith Waller, said: “We welcome the publication of the second iteration. The Value Toolkit has been the product of several years of hard work and collaboration. The publication of this standard is a significant moment for a sector that traditionally sees value in financial terms, or at best in terms of cost and quality.
“Its use will enable a consistent approach to value-based decision-making across the sector. It will ensure the over-arching principles it’s founded on are set in stone and accessible to all.”
This article was originally published on BIMplus
