- Project plans
- Project activities
- Legislation and standards
- Industry context
Last edited 09 Sep 2019
Base cost estimate
The New Rules of Measurement (NRM) are published by the Royal Institution 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 NRM1: Order of cost estimating and cost planning for capital building work, the term ‘base cost estimate’ means:
‘…an evolving estimate of known factors without any allowances for risk and uncertainty, or element of inflation. The base cost estimate is the sum of the works cost estimate, the project/design team fees estimate and the other development/project costs estimate.’
‘The base cost estimate is the total of the building works estimate, main contractor’s preliminaries estimate and main contractor’s overheads and profit estimate, project/design team fee estimate and the other development/project costs estimate. The base cost estimate is to contain no allowances for risk or inflation.’
NB. NRM3: Order of cost estimating and cost planning for building maintenance works, defines the 'base cost' or 'benchmark cost' as; '...the cost of an existing or selected situation against which other options or a specific solution can be compared or benchmarked.'
 Find out more
 Related articles on Designing Buildings Wiki
Featured articles and news
Key messages from the UN COP 25 conference.
Reducing the risks of buying off-plan
A lighthouse history from Eddystone to Fastnet. Book review.
Telling the story of the Government Code and Cipher School.
Are you an experienced writer with a practical understanding of the industry?
Hagia Sophia, Istanbul.
New Dwelling House at Grange View.
The causes of sinkholes.
The growth of megacities.
The restoration of Big Ben
Improving fire-safety design with computer modelling.