Document downloads - Cost management
Available downloads
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BCIS standard form of cost analysis
Cost planning of construction projects has been used for 50 years to provide a methodology for keeping control of a capital build project. It provides a means of controlling the design process to meet the budgetary requirements of the client. It enables the quantity surveyor, with the design team, to design a building to a cost, rather than costing a design after it has been completed.
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Code of measuring practice
Published: September 2007
Reinstated: 23 January 2018
Effective from: 23 January 2018
Code of measuring practice, 6th edition was reinstated on 23 January 2018 after publication of RICS property measurement, 2nd edition.
The 6th edition of the code became effective globally from 18 May 2015 when it was incorporated into the first professional statement, that for offices. -
Valuing change
Published May 2010
This guidance note summarises what is meant by 'change' and how it is valued under JCT, NEC and FIDIC forms of contract.
This is part of the RICS QS and construction standards (the 'Black Book'). -
SMM7: Standard method of measurement of building works (ARCHIVED)
This document has been archived and is available on isurv for information purposes only.
SMM7 has been superseded by NRM 2 (see www.isurv.com/downloads/download/1472/new_rules_of_measurement).
ARCHIVED: The 7th edition of the Standard Method of Measurement was published in 1988. Following experience in use and in consequence of queries raised minor amendments were made in September 1988, May 1989 and May 1992. In 1998 further changes were required. Three amendments were also issued in May 2000 (1 and 2) and in June 2009 (3).
Copyright for SMM7 is now held by RICS. -
Cash flow forecasting – UK (ARCHIVED)
This document has been archived and available on isurv for information purposes only.
This guidance note summarises what cash flow forecasting is, how to produce a useful forecast and how to then use the forecast to assess progress on site as well as other issues, and to assist both employers and contractors to analyse actual expenditure against forecast expenditure.
For the purposes of giving guidance the client is referred to as the 'employer' and the main contractor as 'contractor'. However, much of the guidance can equally be applied to a contractor/sub-contractor or supplier arrangement.
This is part of the RICS QS and construction standards (the 'Black Book').
Please be aware that this guidance note contains some material which is in the process of being updated for revisions to the CDM Regulations, RIBA Plan of Work, and updates to the JCT, NEC and FIDIC suites. Members are made aware of these impending revisions in order that they first check the most up to date position before electing to act in accordance with this guidance document. -
Managing the design delivery
The guidance examines design delivery management (DDM) in the particular context of construction projects, situating it as a key process that connects the various aspects of the construction value chain. DDM is explained as an essential link between response to the client's needs and the construction process, which brings that response into reality as a building, structure or facility.
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New rules of measurement
Published October 2021
Effective from 1 December 2021
Reissued October 2022
New rules of measurement (NRM) provides a standard set of measurement rules and essential guidance for the cost management of construction projects and maintenance works.
For the first time, all three volumes of the NRM suite have been published at the same time. The updated suite consists of three separate volumes:
- NRM 1: Order of cost estimating and cost planning for capital building works
- NRM 2: Detailed measurement for building works
- NRM 3: Order of cost estimating and cost planning for building maintenance works
The primary development in recent years has been the publication of the International Cost Management Standard (ICMS) (formerly known as International Construction Measurement Standards). Together with the Cost prediction professional standard, there now exists a hierarchy of cost management standards and tools from the high-level and global ICMS, through the more detailed principles of all aspects of cost prediction in the professional standard, to the detailed rules and guidance in the NRM suite.
Other recent developments that have resulted in the need for a revised edition include the publication of a new RIBA Plan of Work (2020), which provides a framework for the analysis of construction costs.
A mapping tool between NRM and ICMS will be provided here shortly, mapping the new NRM with ICMS 3, launched in November 2021. While NRM is based on UK practice, it provides a framework for a common set of rules and guidance with global application.
A number of other supporting documents are also being provided alongside the new NRM suite, which are designed to assist users with their understanding and use of the new NRM suite. These will be available from, or shortly after, launch.
These documents were reissued in October 2022 as practice information. They had previously been published in October 2021 as guidance notes. No material changes have been made to the documents. -
A review of performance-based contracting (RICS)
Published January 2011
Performance-based contracting (PBC) is a method of contracting, which is based on the postconstruction performance of a building or structure rather than the cost of materials and labour that produced it. Payments by the client are therefore spread throughout the contract period (beginning on completion) and not as interim payments during construction. -
Feasibility study for a database of indicative building works costs for home owners (RICS)
Published September 2002
This report presents the results of a study carried out by the Centre for Urban and Regional Studies at the University of Birmingham for the RICS Foundation. The study examined the feasibility of the preparation of an index of basic repair and maintenance costs targeted at home owners, the costs of preparation, dissemination, and updating of the index, and the extent to which this initiative would be cost effective in terms of its impact of levels of investment by home owners in repair and maintenance. -
BIDs, economic recession and the future of stakeholder-led public realm management (RICS)
Published December 2011
This case-study research has investigated the impact recession and spending cuts have had and are still likely to have on the way BIDs operate, and has identified the threats and opportunities to them as stakeholder-led instruments for the management of town centres and commercial and industrial areas. -
Design and specification
Published: June 2013
This first edition guidance note provides professional practitioners with best practice guidance relevant to the tasks and processes of design and specification for small- to medium-size construction projects. -
Cash flow forecasting – global (ARCHIVED)
This document has been archived and is available on isurv for information purposes only.
This publication provides best practice guidance on cash flow forecasting for project and cost managers in all world regions.
The purpose of this guidance note is to ensure consistent practice, delivered in a professional manner that is in line with internationally recognised guidance.
This is part of the RICS QS and Construction Standards.
Please be aware that this guidance note contains some material which is in the process of being updated for revisions to the CDM Regulations, RIBA Plan of Work, and updates to the JCT, NEC and FIDIC suites. Members are made aware of these impending revisions in order that they first check the most up to date position before electing to act in accordance with this guidance document. -
Overview of a 5D BIM project (ARCHIVED)
This document has been archived and is available on isurv for information purposes only.
Through consultation with RICS, Henry Riley LLP was invited to write an information paper based on its experience of 5D BIM throughout 2012 and 2013, with particular focus on a project in which an RICS NRM 1 pricing document based on quantification from a BIM model was issued for tender.
This 1st edition information paper includes: project details, key problems identified, process and solution pre-tender, post-tender review and lessons learnt. -
International BIM implementation guide
Published September 2014
Effective from 1 March 2015
This guidance note highlights international high-level principles around how to implement and use BIM in the design, construction and operation of our built environment, including facets of procurement management and asset management. It is intended that these principles are used as an overarching framework for potential national standards or regional guidelines on BIM, and also by individuals and organisations. Therefore, this guidance note is designed for any firm or professional using BIM or considering using BIM in the foreseeable future. -
RICS property measurement
Published January 2018
Effective from 1 May 2018
RICS property measurement comprises the following two elements:
1. Professional statement: property measurement
a) Application of this professional statement
b) Technical definitions
c) IPMS: Office Buildings, as applied under the professional statement
d) IPMS: Residential Buildings as applied under the professional statement (applies to office measurements and residential measurements only – download these below).
2. RICS IPMS data standard
This document reflects the IPMS standards (IPMS: Office Buildings and IPMS: Residential) and will be updated over time to comply with other IPMS standards, including industrial, retail and mixed use, as they are published.
For all building classes except offices and residential buildings, the bases of measurement contained within the Code of measuring practice, 6th edition (COMP) may still apply though the application of this professional statement applies to all building classes. The COMP was effective globally from 18 May 2015, though early adoption of IPMS is recommended on publication of the new standards.
Software developers and those requiring the use of structured data are advised to follow the schemas as defined, and those wishing to pursue RICS software certification must demonstrate compliance with this data standard. This data standard is an XML schema and is available to download.
A user guide to the standard, intended for implementers, is available for download. For more information please email datastandards@rics.org. -
Management of risk
Published: June 2015
Effective from 25 September 2015
The aim of this guidance note is to provide a reference point for professionals on the discipline of risk management.
This guidance note provides details of the general principles of risk management and provides practical applications and considerations for successful implementation.
This guidance note covers:
- key principles of risk management
- response/mitigation strategies and
- risk identification techniques.
This is part of the RICS QS and Construction Standards. -
Commercial management of construction
Published: March 2016
Effective from: 21 June 2016
The role of a commercial manager, and the commercial management functions performed, play a critical part in the commercial and financial success of a construction project or of any other business.
This UK guidance note outlines the role of commercial management in construction, providing a framework of guidance covering the most common tasks that a commercial manager will perform on a construction project.
This 1st edition guidance note is effective from 21 June 2016.
This is part of the RICS QS and Construction Standards. -
RICS and global cost and commercial management of construction – Australia (ARCHIVED)
This document has been archived and is available on isurv for information purposes only.
This guidance note outlines the role of commercial management within the Australian construction market, providing a framework of guidance covering the most common tasks that a commercial manager will perform on a construction project. However, it could equally apply to the overall commercial management of a framework contract within infrastructure or facilities management, as well as to a construction business or divisional unit. In addition, many of the commercial considerations are equally relevant for commercial managers representing clients or consultancies.