Measurement Flashcards
When was the first edition of RICS Property Measurement published?
May 2015.
When was the second edition of RICS Property Measurement released?
January 2018.
What major standard does RICS Property Measurement (2nd edition) incorporate?
International Property Measurement Standards (IPMS).
What older RICS document does the 2nd edition of RICS Property Measurement update?
RICS Code of Measuring Practice (6th edition).
What is the significance of an RICS professional statement?
It is mandatory for RICS members and RICS-regulated firms; they must adhere to its requirements.
What must RICS members do regarding cost prediction?
Consider and agree with the client on the appropriate method for reporting costs.
What does ICMS stand for?
International Cost Management Standard.
When did RICS join a coalition to produce ICMS?
In 2014.
What is the purpose of ICMS?
To classify, define, measure, record, analyse, present, and compare construction project life cycle costs.
What cost categories are included in life cycle costs under ICMS?
Construction, renewal, operation, maintenance, and end-of-life costs.
What additional cost category can ICMS include beyond life cycle costs?
Acquisition costs.
Why are acquisition costs significant in ICMS?
They may significantly impact a project’s budget.
When was the 3rd edition of ICMS published?
November 2021.
What major addition was included in the 3rd edition of ICMS?
Carbon emissions.
Name five types of projects classified in the 3rd edition of ICMS.
Buildings, roads and runways, railways, bridges, tunnels.
More available if needed.
True or False: ICMS 3rd edition includes classification for both onshore and offshore infrastructure.
True.
When was IPMS: All Buildings published?
January 2023.
What organization published IPMS: All Buildings?
International Property Measurement Standards Coalition.
What does IPMS: All Buildings replace?
All previously published IPMS standards for individual asset classes.
Is IPMS: All Buildings specific to building type or use?
No, it is applicable to all building types, regardless of use or occupation.
What new standard was introduced alongside IPMS: All Buildings?
IPMS 4.
What does IPMS 1 closely equate to?
GEA (Gross External Area).
What does IPMS 2 closely equate to?
GIA (Gross Internal Area).
What does IPMS 3 closely equate to?
NIA (Net Internal Area), also called net lettable, usable, or carpet area.