Quantification and Costing

Question 1

What does NRM stand for?

Answer 1

New Rules of Measurement

The NRM suite provides standardized guidance for measuring and managing construction costs.

Question 2

What are the volumes of the New Rules of Measurement?

Answer 2

NRM1 -Order of cost estimating and cost planning for capital building works

NRM2 - Detailed measurement for building works

NRM 3 - Order of Cost Estimating and cost planning for building maintainance works

Each volume addresses different aspects of measurement and cost management.

Question 3

What is the purpose of the RICS Code of Measurement Practice?

Answer 3

To provide standardized measurement practices in construction

This code helps ensure consistency in measurement across projects.

Question 4

What do International Property Measurement Standards (IPMS) aim to achieve?

Answer 4

Standardization of property measurement globally

IPMS helps in establishing a common framework for property measurement.

Question 5

What is BIM?

Answer 5

Building Information Modeling

BIM is a digital representation of the physical and functional characteristics of a facility.

Question 6

What are Provisional Sums in construction costing?

Answer 6

Estimated amounts allocated for uncertain costs

Provisional sums cover costs that cannot be defined at the time of tendering.

Question 7

What is a Bill of Quantities (BoQ)?

Answer 7

A structured document itemizing and quantifying work required on a project

BoQs help contractors price work consistently and support cost control.

Question 8

What is the difference between NIA and GIA?

Answer 8

NIA is usable area; GIA includes all internal space

NIA excludes non-usable spaces, while GIA includes everything within external walls.

Question 9

What are the key components of a tender document?

Answer 9

Preparation of pricing documents, Bill of Quantity, Schedule of Works, Schedule of Rates

These components are essential for formalizing the tendering process.

Question 10

What is the purpose of interim valuations in construction?

Answer 10

To assess the value of work completed at intervals

Interim valuations help manage cash flow and financial reporting during a project.

Question 11

What is the role of preliminaries in construction costing?

Answer 11

To outline site establishment, management, and insurance costs

Preliminaries cover costs that are necessary to enable the project to be carried out.

Question 12

What does NRM 3 focus on?

Answer 12

Maintenance, repair, renewal, and replacement of built assets

NRM 3 helps professionals plan and manage costs over the building’s lifecycle.

Question 13

What are the main categories included in the NRM 1 structure?

Answer 13

Substructure, Superstructure, Internal Finishes, Services, External Works

These categories cover various aspects of construction measurement.

Question 14

What are Target cost mechanisms?

Answer 14

Pain/Gain mechanisms used in cost management

These mechanisms incentivize contractors to manage costs effectively.

Question 15

What is the purpose of post-contract financial reporting?

Answer 15

To monitor and report on the financial performance of a project

This reporting helps identify variances and manage costs after contract award.

Question 16

What does BCIS stand for?

Answer 16

Building Cost Information Service

BCIS provides data and analysis related to construction costs.

Question 17

What is the significance of loss and expense in construction contracts?

Answer 17

To account for unforeseen costs and delays

Loss and expense provisions help protect contractors from financial losses.

Question 18

What is included in the ‘Services’ category of construction?

Answer 18

Mechanical, Electrical, Fire and security systems

This category encompasses essential utility installations in buildings.

Question 19

What does RIBA stand for?

Answer 19

Royal Institute of British Architects

RIBA provides guidelines for different stages of architectural projects.

Question 20

What are the components of External Works in construction?

Answer 20

Drainage, Roads, Landscaping, Fencing and gates

External works ensure proper site functionality and aesthetics.

Question 21

What is the purpose of correcting errors in tenders?

Answer 21

To ensure accurate pricing and avoid disputes

Correcting errors helps maintain integrity in the tendering process.

Question 22

What are Risk Allowances in construction costing?

Answer 22

Estimates for potential risks during project execution

These allowances help manage uncertainties in project costs.

Question 23

Where is NIA / GIA defined?

Answer 23

n the code of measuring practice published by RICS

Question 24

What is the purpose of the code of measuring practice?

Answer 24

t provides precise definitions to permit the accurate and consistent measurement of buildings

Question 25

What would you expect the percentage of NIA to GIA to be typically

Answer 25

Depends on the project but above 70%

Question 26

What is required for a provisional sum to be defined?

Answer 26

You need to know: Nature of the work Quantities Location Limitations Also need to allow for planning and programme implications

Question 27

What is IPMS

Answer 27

International property measurement standard Global standards to ensure consistent measurement of property

Question 28

What is ICMS

Answer 28

International construction measurement standard Brings consistency and transparency to measurement and costing of buildings inclusin life cycle costs

Question 29

Are you aware of any other measurement techniques?

Answer 29

CESMM - measurement for civils projects

Question 30

What's the difference between a cost plan and a cost estimate

Answer 30

Cost estimate is an estimate of an item based on information available at the time and is usually high level Cost Plan is an itemised structures estimate for building costs, and is an evolving document

Question 31

What's the difference between value management and Value engineering. when are they implemented

Answer 31

Value engineering is collaborative process that aims to maintain or improve quality whilst reducing costs. Done during design phase (RIBA 3 and 4) Value management is a general term for ensuring the design is inline with the objectives of the project for the right cost (Done in earlier stages RIBA 0-2)