Total development 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, the term ‘total development cost’ refers to:
‘… the cost limit (including inflation – i.e. the total of the works cost estimate, the project/design team fees estimate, other development/project costs estimates, tender inflation and construction inflation) for the building project.’
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