- 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
Evaluating occupant satisfaction.
The Ancona eco-mansion
What is the cost of not getting it right first time?
The government announces a new role as part of a wider package of safety reform.
Lessons for the next UK road investment strategy.
Architectural Technology Studio 3
Construction Industry Advisory Committee CONIAC
The real impact of late payment.
How to tell which infrastructure projects will work.
The government announces the biggest change in building safety for a generation.
Key messages from the UN COP 25 conference.