Works cost estimate
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 'works cost estimate' refers to:
'...the combined total estimated cost of the building works estimate, the main contractor’s preliminaries and the main contractor’s overheads and profit prepared using prices current at the time the estimate is prepared (or updated).The works cost estimate contains no allowance for project/design team fees, other development/project costs, risk allowances, tender inflation and construction inflation.'
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