Cost prediction
Published November 2020
Effective from 1 July 2021
Reissued June 2024
This 1st edition professional standard provides an overview of global best practice in cost prediction and the implementation of ICMS.
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 that RICS members and RICS-regulated firms must follow when producing a cost prediction report for a client or senior management.
This document was reissued in June 2024 as a professional standard. It had previously been published in November 2020 as a professional statement. No material changes have been made to the document.