The RICS Cost Prediction global professional statement came into effect in July 2021. This professional statement prov

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The RICS Cost Prediction global professional statement came into effect in July

2021. 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. It states that, 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.

Several industry leaders have shared their views on the issues in estimation, that the

document seeks to address on Cost Certainty. Provide a critical evaluation and

analysis on how the objectives of the professional statement will be implemented in

practice.

(50 marks)

Solution to contain a maximum of 800 words, excluding references.