Functional indexation
The New Rules of Measurement (NRM) are published by the Royal Institute of Chartered Surveyors (RICS). They provide a standard set of measurement rules for estimating, cost planning, procurement and whole-life costing for construction projects.
According to NRM3: Order of cost estimating and cost planning for building maintenance works:
The term ‘functional condition indexation’ (FCI) refers to:
‘…the ratio of the functional cost estimate of predicted life cycle major repairs or replacements (identified by a condition and Remaining life assessment) to the Capitalised replacement value or rebuild costs, expressed over an agreed period of analysis (e.g. a banding of years such as 1, 2 to 3, 4 to 5, 6 to 10 or 11+).’
The term ‘functional maintenance indexation’ (FMI) refers to:
‘…the ratio of the functional unit cost estimate of annualised maintenance (i.e. planned, reactive and proactive maintenance) to the Capital replacement value (CRV) or rebuild costs, expressed over an agreed period of analysis (e.g. a banding of years such as 1, 2 to 3, 4 to 5, 6 to 10 or 11+).’
And the term 'functional re-investment indexation' (FRI) refers to:
‘…the ratio of the functional cost of major repairs or replacements (identified by a condition and other form of asset assessment) to the Capital replacement value (CRV) or rebuild costs, expressed over an agreed period of analysis (e.g. a banding of years such as 1, 2 to 3, 4 to 5, 6 to 10 or 11+).’
[edit] Find out more
[edit] Related articles on Designing Buildings Wiki
Featured articles and news
Listed despite problems with its design.
Zen and the art of cycling exploration.
Design Council Homes Taskforce launched
To support government 1.5 million homes target within UK climate commitments.
The story of this knowledge quarter building.
In ecology, in hydrology, in biology and in architecture.
Creating environments that promote physical, mental, and social well-being.
UK cases of neutral current diversion
Research project looks for example contributions.
Overstocking and macro-economics cause a decline.
The 2024 update of the Common Assessment Standard
Demonstrating organisational capability’ to fulfil roles under the Building Safety Act.
56 recommendations for a better built environment
Published by the CIC ahead of the King’s Speech.
SkillELECTRIC Top 8 Competitors Named
in annual search for the UK’s best student electrician.
CIOB Diversity and Inclusion technical information sheet
Step-by-step guide on implementing D and I practices.
Conservation and the Indian City. Book review.
Reversibility in conservation ethics
Learning from painting conservation.
Where It's AT Podcast launched!
New CIAT Architectural Technology Podcast goes live.