Re-basing
Cost prediction, Professional Statement, 1st edition, published in November 2020 by the Royal Institution of Chartered Surveyors (RICS), suggests that re-basing may have different meanings in different contexts. It may mean:
- Changing the weights in an index.
- Changing the price reference period of an index number series.
- Changing the index reference period of an index number series.
- Using cost indexes to update to a common time base.
- Using location indexes to cater for the impact of location on the cost.
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