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Cost prediction, 1st edition

Cost prediction, 1st edition

We invite comments on our new professional statement on: Cost prediction.

The focus of this professional statement is the prediction of the project and life cycle construction cost for built assets. It embodies ICMS, a framework against which construction and life cycle costs are classified, measured, recorded, analysed and presented.

Cost prediction is dynamic and fast moving, reliant upon digital technologies to collect, analyse, store, update, and exchange data and information. Artificial intelligence, building information modelling (BIM), blockchain, cloud computing and other technologies are changing the way cost prediction and cost management operates. Digital technologies require structure and standards in order to be effective.

There is a need for a common language, a standard, and statement about cost prediction, which describes the basis of the prediction, and that recognises how the modern construction industry operates. The professional statement is applicable to clients, consultants and contractors operating in the building infrastructure sectors and underpins ICMS by providing confidence that RICS professionals are best suited for this work.

Read and respond to the consultation by midnight on Friday 20 December 2019.

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