The RICS Cost Prediction global professional statement came into effect in July 2021. This professional statement prov
Posted: Mon May 02, 2022 10:45 am
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.
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.