NRM, IPMS/ICMS, Cost Data, Market Conditions Flashcards

1
Q

What is the purpose of NRM?

A

Suite of documents that sets out a standard set of measurement rules

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

What are the versions of NRM?

A

NRM1 - order of cost estimates and cost planning

NRM2 - detailed Bill of Quantities

NRM3 - Order of cost estimating and cost planning for building maintenance works.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

What is the IPMS?

A

International Property Measurement Standard - standard to measure property - non profit organisation formed to create a consistent and transparent method of measuring - provides precise definitions of measurement

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

What are the different guidance for measurement?

A

RICS Code of measurement practice

NRM

IPMS

ICMS

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

What is ICMS?

A

International Cost Management Standard - aims to provide greater global consistency in construction costing.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

What is RICS Code of Measuring Practice?

A

Offers guidance of definitions and diagrams of design economics - now superseded by IPMS in 2018

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

What are your sources of cost data?

A

SPONS Internal database Benchmarking Market testing

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

What is SPONS made up of?

A

Architect and Builders price book,

Mechanical and Electrical services book

Civil engineering, external works

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Why were NRM versions created?

A

Provide guidance on a structured approach to create cost estimates, limits and targets

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

How is the NRM structured?

A

Part 1: General

Part 2: Measurement rules for order of cost estimating

Part 3: Measurement rules for cost planning

Part 4: Tabulated rules of measurement for elemental cost planning

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

How are NRM1 elements broken out / structured?

A

Group Component Element Sub-element Component

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Why would you use NRM3?

A

To price up maintenance works associated with building maintenance works

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

What is the structure of the NRM elements?

A

Group element 0: Facilitating works

Group element 1: Substructure

Group element 2: Superstructure

Group element 3: Internal finishes

Group element 4: Fittings, furnishings and equipment

Group element 5: Services

Group element 6: Prefabricated buildings and building units

Group element 7:Work to existing buildings

Group element 8: External works

Group element 9: Main contractor’s preliminaries

Group element 10: Main contractor’s OHP

roup element 11: Project/design team fees

Group element 12: Other development/project costs

Group element 13: Risks

Group element 14: Inflation

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

What is your view on inflation?

A

No real change sitting at circa 4% year on year, much less than the 9% seen in previous years e.g. 2021-2022

How well did you know this?
1
Not at all
2
3
4
5
Perfectly