IFC - Industry Foundation Classes

The Industry Foundation Classes (IFC) data model is a neutral and open specification that is not controlled by a singular vendor or group of vendors. It is an object oriented file format with a data model developed by the International Alliance for Interoperability (IAI) to facilitate interoperability in the building industry, and is a commonly used format for Building Information Modeling (BIM).

-The IFC represents a data model structure for sharing construction and facility management data across various applications used in the building domain.
-The IFC data model is an object-oriented data model based on class definitions representing the things (elements, processes, shapes, etc.) that are used by software applications during a construction or facility management project.
-The IFC data model focusses on those classes that are needed to share information (rather then processing it in a particular proprietory software).
-The IFC data model is a neutral and open specification that is not controlled by a singular vendor or group of vendors.

IFC is fast becoming the standard for rich data exchange between construction design disciplines, and improved flow of information through to facilities management operations. IFC based collaborative design is the smart way to design buildings, and is being used on many projects worldwide to improve interoperability, reduce costs and improve design quality.

References:
http://en.wikipedia.org/wiki/Industry_Foundation_Classes
http://www.ifcwiki.org/index.php/Basic_Informations

What is a BIM ?

BIM stands for both Building Information Model and Building Information Modeling. The Building Information Model (BIM) is a set of information generated and maintained throughout the life cycle of a building. BIM is the process of generating and managing a building information model.

BIM covers geometry, spatial relationships, geographic information, quantities and properties of building components (for example manufacturers' details). BIM can be used to demonstrate the entire building life cycle including the processes of construction and facility operation. Quantities and shared properties of materials can easily be extracted. Scopes of work can be isolated and defined. Systems, assemblies, and sequences are able to be shown in a relative scale with the entire facility or group of facilities.

References
http://en.wikipedia.org/wiki/Building_Information_Modeling