Functional indexation
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 ‘functional condition indexation’ (FCI) refers to:
‘…the ratio of the functional cost estimate of predicted life cycle major repairs or replacements (identified by a condition and Remaining life assessment) to the Capitalised replacement value or rebuild costs, expressed over an agreed period of analysis (e.g. a banding of years such as 1, 2 to 3, 4 to 5, 6 to 10 or 11+).’
The term ‘functional maintenance indexation’ (FMI) refers to:
‘…the ratio of the functional unit cost estimate of annualised maintenance (i.e. planned, reactive and proactive maintenance) to the Capital replacement value (CRV) or rebuild costs, expressed over an agreed period of analysis (e.g. a banding of years such as 1, 2 to 3, 4 to 5, 6 to 10 or 11+).’
And the term 'functional re-investment indexation' (FRI) refers to:
‘…the ratio of the functional cost of major repairs or replacements (identified by a condition and other form of asset assessment) to the Capital replacement value (CRV) or rebuild costs, expressed over an agreed period of analysis (e.g. a banding of years such as 1, 2 to 3, 4 to 5, 6 to 10 or 11+).’
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