Last edited 23 May 2018

Externalities

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 ‘externalities’ as:

‘…the quantifiable costs or benefits that specifically occur when the actions of organisations and individuals have an effect on people other than themselves, such as non-construction costs, income and wider social and business costs.’

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