Base cost estimate
The New Rules of Measurement (NRM) are published by the Royal Institution 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, the term ‘base cost estimate’ means:
‘…an evolving estimate of known factors without any allowances for risk and uncertainty, or element of inflation. The base cost estimate is the sum of the works cost estimate, the project/design team fees estimate and the other development/project costs estimate.’
Such that:
‘The base cost estimate is the total of the building works estimate, main contractor’s preliminaries estimate and main contractor’s overheads and profit estimate, project/design team fee estimate and the other development/project costs estimate. The base cost estimate is to contain no allowances for risk or inflation.’
NB. NRM3: Order of cost estimating and cost planning for building maintenance works, defines the 'base cost' or 'benchmark cost' as; '...the cost of an existing or selected situation against which other options or a specific solution can be compared or benchmarked.'
See also: Baseline costs.
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