- Project plans
- Project activities
- Legislation and standards
- Industry context
Last edited 05 Feb 2021
The New Rules of Measurement (NRM) are published by the Royal Institute of Chartered Surveyors (RICS). They provide a standard set of measurement rules for estimating, cost planning, procurement and whole-life costing for construction projects.
NRM3: Order of cost estimating and cost planning for building maintenance works, the terms ‘annual cost’ (AC) and ‘annual equivalent value’ (AEV) refer to:
'…a uniform annual amount that, when totalled over the period of analysis, equals the total net cost of the project taking into account the time value of money over the period. It is used to compare investment options where the natural replacement cycle cannot easily be directly related to the period of analysis. The lowest AEV indicates the lowest cost option.'
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