Option 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 NRM1: Order of cost estimating and cost planning for capital building work, an option cost is:
'...an estimate of the cost of alternative design solutions to achieve the employer’s objectives; so that they can be compared and appraised. Option costs will be incorporated in the overarching cost report.'
NRM1 suggests it may be necessary to estimate the cost of alternative development scenarios for a site as part of RIBA Work Stages A and B or Gateways 1 and 2.
[edit] Related articles on Designing Buildings Wiki
Featured articles
Check out some of the best features and news from Designing Buildings as well as key stories from around the web.
The role of the client and decision making
CIOB response to built environment professions call for evidence.
Construction's sustainability reporting revolution
Tracking upfront embodied carbon with digital tools.
ECA welcomes procurement reforms
Public spending must back British jobs and skills.
Campaigning for Edinburgh: the Cockburn Association 1875-2049
The role of the civic voice in protecting character. Book review.
CIOB photography competition is open for entries.
ECA Edmundson apprentice of the year award
Finalists announced.
Major new study exposes serious knowledge gaps.
Generating energy from internal light as well as sunshine.
ECA welcomes plans to strengthen subcontractor quality control.
Combining mid-career qualifications with experience broadens career opportunities.
Why being a mentor can help your career.
Channel 4 broadcaster to host 125th anniversary ceremony.