Skip to content
Search

RICS cost prediction professional statement, global 1st edition

RICS cost prediction professional statement, global 1st edition

This 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.

How the professional statement supports your work

Effective cost prediction depends on combining a clear definition of scope with the right skills, the right data, and within the right system. Enabling activity that is accountable and transparent, this professional statement sets out to:

  • provide consistent terminology, approaches and processes that you can apply across different boarders and markets;
  • address particular, recognised problems in the cost-prediction process that can lead to project budget overruns – such as the challenges in accessing accurate inputs in a timely manner;
  • enable the use of digital technologies to collect, analyse, store and update, and exchange project and cost data in a constant way;
  • recognise that the skills, knowledge, and expertise of cost management professionals are critical for achieving consistent, accurate and trusted cost prediction.

Embodying ICMS

There is a need for a common language, a standard, and statement about cost prediction, which describes the basis of the prediction, and that recognises how the modern construction industry operates. Globally, in construction cost, this is ICMS.

ICMS defines principles-based international standards that provide consistency in classifying, analysing and presenting global construction cost data at a project, regional, state, national or international level.

This professional statement enables RICS professionals to embed ICMS by mapping national standards, such as NRM in the UK, and design classifications, such as Uniclass, to facilitate use in practice at a granular measurement level and connect national and international reporting formats and data sources.

Click here for more information on the benefits of ICMS

Further information and support

The key principles of this professional statement may additionally serve as a useful guide to how firms can shape and support the professional development of their teams to best serve their clients. If you have any questions about any aspect of RICS cost prediction or require support with implementation, please get in touch at: costprediction@rics.org  

RICS Data Standard (RDS) update

This is the April 2021 release, version 3.2.1, of the RICS Data Standard (RDS). An updated version reflecting ICMS 3 will be available in early 2022. The schema and example data files are available in both XML and JSON formats with html documentation in separate JSON and XML directories. This version replaces all previous RICS Data Standards for IPMS and ICMS which have both been incorporated into this single schema which allows users to capture, share and exchange data on land, property, real estate, and infrastructure assets. Where appropriate, the RDS references and supports a range of RICS and international standards covering property measurement, valuation, due diligence, life-cycle costing, brokerage, leasing, and building surveying.

The RDS is available under the MIT License and RICS can provide technical support on the implementation of the RDS, for further information and support please contact datastandards@rics.org

Go to the standard