- Project plans
- Project activities
- Legislation and standards
- Industry context
Last edited 21 Feb 2021
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.'
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