Externalities in construction
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Revision as of 05:39, 23 May 2018
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 NRM3: Order of cost estimating and cost planning for building maintenance works, the term ‘externalities’ as:
‘…the quantifiable costs or benefits that specifically occur when the actions of organisations and individuals have an effect on people other than themselves, such as non-construction costs, income and wider social and business costs.’
Find out more
Related articles on Designing Buildings Wiki
- Annual equivalent cost.
- Approximate quantities cost plan.
- Bill of quantities.
- Contract sum.
- Cost plan.
- Elemental cost plan.
- Final account.
- Initial cost appraisal.
- NRM2.
- Pre-tender estimate.
- RICS.
- Stakeholders.
- Third party dependencies.
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