Cost prediction

Published November 2020
Effective from 1 July 2021

This 1st edition professional statement provides an overview of global best practice in cost prediction and the implementation of International Construction Measurement Standards (ICMS) for cost management professionals.

Different markets and construction sectors undertake cost prediction in different ways. Eliciting the key principles from these various approaches, the document sets out mandatory requirements which RICS professionals and RICS-regulated firms must follow when producing a cost prediction report for a client or senior management.