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Last edited 27 Mar 2018
Base cost estimate
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 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.’
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