Annual equivalent cost
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.
According to NRM3: Order of cost estimating and cost planning for building maintenance works, the term ‘annual equivalent cost’ refers to:
‘…the uniform annual amount equivalent to the project’s real costs, taking into account the time value of money throughout the period of analysis.’
See also: Equivalent annual cost
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