NRM 1 - Order of Cost Estimating and Cost Planning for Capital Building Works

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.

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