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BSI publishes second iteration of a framework for value-based decision-making for investments in the built environment

share: Updated:2023-03-14 00:00:00

BSI, in its role as the UK National Standards Body, publishes the second iteration of a Flex Standard that enables a consistent approach to value-based decision-making in the management of built environment investments and projects. As part of a move to ensure that good practice is established and suitably disseminated and maintained for use within the built environment sector, the standard sets out requirements for a client’s investment decision-making process.

The second version of this standard, named BSI Flex 390: Built environment – Value-based decision-making – Specification, incorporates updates that arose from comments received at the v1.0 public comment phase in July 2022. The standard is available for public consultation until 08 June 2023 and can be reviewed.

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 assets which constitute the built environment. 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 second iteration of this consensus-driven standard that we hope will catalyse the use of outcome drivers and value scorecards to support decisions across the built environment sector. In our role as the UK National Standards Body, we are proud to act as a trusted partner and provide clear value-based decision-making provisions to build confidence in a transparent and rigorous investment and procurement process.”  

Keith Waller, Programme Director at the Construction Innovation Hub said: “We welcome the publication of the second iteration of the BSI Flex 390: Built environment – Value-based decision-making – Specification. The Value Toolkit has been the product of several years of hard work and collaboration and the publication of this Standard is a significant moment for a built environment 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 and ensure the over-arching principles it’s founded on are set in stone and accessible to all”.