Remaining life
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.
NRM3: Order of cost estimating and cost planning for building maintenance works, defines ‘remaining life’ as:
‘…the period during which a building or component may reasonably be expected to continue to fulfil its present function provided it is given normal routine maintenance. Remaining life is the future expected life of an asset at a given point in time.’
This may be expressed as a percentage by the Percentage Asset Remaining Life (PARL).
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