This volume, NRM1: Order of cost estimating and cost planning for capital building works, provides fundamental guidance on the quantification of building works for the purpose of preparing cost estimates and cost plans.
Direction on how to quantify other items forming part of the cost of a construction project, but which are not reflected in the measurable building work items, is also provided i.e. preliminaries, overheads and profit, project team and design team fees, risk allowances, inflation, and other development and project costs.
Although written primarily for the preparation of order of cost estimates and cost plans, the rules will be invaluable when preparing approximate estimates. In addition, the rules can be used as a basis for capturing historical cost data in the form required for order of cost estimates and elemental cost plans, thereby completing the ‘cost management cycle’.
These rules provide essential guidance to all those involved in, as well as those who wish to be better informed about, the cost management of construction projects.
The RICS new rules of measurement are based on UK practice but the requirements for a coordinated set of rules and underlying philosophy behind each section have worldwide application.
These rules provide essential guidance to all those involved in the preparation of bill of quantities, as well as those who wish to be better informed about the purpose, use and benefits of bill of quantities.
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Provides fundamental guidance on the quantification of maintenance works for the purpose of preparing order of cost estimates and formal cost plans (pre construction) and detailed cost plans (post construction) and during the in use phases of the building life cycle.
Unlike capital building projects, maintenance works are required to be carried out from the day a building or asset is put to use until the end of its life. Accordingly, while the costs of a capital building works project are usually incurred by the building owner/developer over a relatively short-term, costs in connection with maintenance works are incurred throughout the life of the building – over the short, medium and long-term. Therefore NRM 3 also provides guidance on the measurement and calculation of the time value of money (NPV and payback methods), as well as other considerations such as taxation and other incentives.
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