This document was reissued in June 2024 as a professional standard. It had previously been published in 2020 as a professional statement. The regulatory requirements remain the same and no material changes have been made to the document. For more information on the document category changes, see Standards document types.
This professional standard 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.
Published date: 19 June 2024
How the professional standard 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 standard 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.
Further information and support
The key principles of this professional standard 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)
The schema and example data files are available in both XML and JSON formats with html documentation in separate JSON and XML directories. The current version supersedes previous RICS Data Standards for IPMS and ICMS which have both been incorporated into this single schema allowing 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, carbon emissions, building operation, 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.