- Project plans
- Project activities
- Legislation and standards
- Industry context
Last edited 26 Jun 2018
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.'
 Find out more
 Related articles on Designing Buildings Wiki
Featured articles and news
Public engagement in London Borough of Enfield's heritage strategy.
Engineering services in the spotlight.
The Government's Summer 2020 economic update.
Getting organised below the surface.
Securing suitable water systems.
Love them or hate them, they are popping up everywhere.
The initiative to enhance the environment continues.
Could underused community spaces offer an alternative to working from home?
Keeping workers and workplaces safe in the United States.
A history lesson in geographic information systems.
A low tech, easy to use method of extinguishing small fires.
How can these valued spaces be reused?