Real cost
ICMS: Global Consistency in Presenting Construction Life Cycle Costs and Carbon Emissions, 3rd edition, November 2021, published by the ICMS (International Cost Management Standard) Coalition, defines real cost as: ‘The cost expressed as a value at the Common Date, including estimated changes in price due to forecast changes in efficiency and technology, but excluding general price inflation or deflation (ISO 15686-5).’
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