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Elemental Standard Form of Cost Analysis Principles, Instructions, Elements and Definitions 4th (NRM) Edition RICH Elemental Standard Form of Cost Analysis A Elemental Standard Form of Cost Analysis
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Elements and Definitions of the Fundamental Elements List The Elements of the Fundamental Elements List are used to identify the basic elements required by a structural system. Each elemental standard form of cost analysis comprises an Introduction and two sets of sub elements, the main and auxiliary. Basic Cost Elements for a Structural System The basic cost elements used to calculate the cost of a building system are as follows: Architectural Elements — This includes the basic features of any building system including building envelope. Interior Elements — this includes the minimum space required for the occupants to be comfortably present within the building. Structural Elements — this includes the structural components essential to hold the building structure in shape, and structural elements used for the structural design of the building system. The Elements of the Fundamental Elements List are divided into two further sets: Main and Auxiliary Elements The Main and Auxiliary Elements of the List are used whenever the number of the main elements (Architectural Elements) and the auxiliary elements (Interior and Structural Elements) exceeds nine. They are used to ensure the cost of a structural system covers the essential elements (those of the Structural Elements) and the sub elements of the Structural Elements. When the number of sub elements is four or more, the Main and Auxiliary Elements are ignored. Auxiliary Elements (Interior and Structural Elements) The Auxiliary Element of the List for a structural system includes the auxiliary elements used to hold the building up when not required by the main elements. They can be used in place of the main elements and are therefore called Auxiliary Elements. A common example of these is the stairway or roof garden. Structural Elements The Structural Elements for a structural system are used to describe an entire building plan, or to identify a section or part of a building plan. Main Elements (Architectural Elements) The main elements for a building system are the Architectural Elements used to describe any building system. Main Elements and Auxiliary Elements The Main Elements and Auxiliary Elements for a building system are also used to describe a particular part or section of the building system. For example, a structural framework may contain four Main Elements and eight auxiliary elements. Sub Elements (Structural Elements) The Sub Elements for a structure are the elements used to hold sub parts of a given structural system.

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RICS (Royal Institution of Chartered Surveyors) does not have a prime cost as it is a professional body that represents and regulates the land, property, construction, and infrastructure sectors. RICS provides services such as setting professional standards, promoting best practices, and accrediting professionals in these sectors.
RICS (Royal Institution of Chartered Surveyors) Prime Cost is not something that individuals or organizations file. It is a concept used in construction project management to estimate the basic cost of materials, labor, and plant necessary for construction works. It helps in determining the total cost of the project. The prime cost is typically calculated by quantity surveyors or project managers within the construction industry.
To fill out the RICS (Royal Institution of Chartered Surveyors) Prime Cost of forms, follow these steps: 1. Review the RICS Prime Cost of Schedule and ensure you understand it fully. The form consists of a series of sections related to different elements of construction cost. 2. Start with the heading section, where you will enter the project details such as the client's name, job number, location, and date. 3. Proceed to the following sections based on the specific elements of the construction cost you need to calculate. These may include preliminaries, subcontractor design parts, supply only materials, labor, contingencies, etc. 4. In each section, input the relevant cost descriptions and details. Provide a clear and concise description of each item or cost element. 5. For each cost element, input the quantity, unit of measurement, rate, and total. This information should be as accurate as possible and based on actual market rates or quotations. 6. Calculate the overall subtotal for each section by summing up the totals of individual cost elements. 7. Include a contingency section to account for any unforeseen or additional costs that may arise during the construction process. 8. Finally, compute the grand total by adding up the subtotals of all sections and contingencies. 9. Double-check all calculations and review the form thoroughly for any errors or omissions. 10. Sign and date the form as necessary, and ensure it is submitted to the appropriate party or authority as required. Note: It is advisable to consult a qualified quantity surveyor or construction professional for assistance in completing the RICS Prime Cost of forms, as they can provide expert guidance and ensure accuracy.
The purpose of RICS (Royal Institution of Chartered Surveyors) prime cost is to provide a uniform and consistent method for estimating construction costs. It is a standard formula used in the construction industry to calculate the cost of materials, labor, and plant necessary for completing a project. The prime cost helps in accurately estimating and tendering for construction works, ensuring transparency and fairness in pricing.
To report on RICS' prime cost, the following information must be included: 1. Land and property costs: This includes the purchase price, transaction costs (such as legal fees, stamp duty, and survey fees), and any costs associated with acquiring or leasing the land or property. 2. Construction costs: This includes the direct costs of constructing the building, such as materials, labor, and site management. 3. Professional fees: This includes fees paid to architects, engineers, quantity surveyors, and other professionals involved in the project. 4. Statutory fees: This includes fees required for obtaining planning permission, building regulation approvals, and any other necessary statutory approvals. 5. Site preparation costs: This includes costs related to preparing the site for construction, such as demolition, excavation, and groundworks. 6. Services and utilities: This includes costs for connecting utilities like electricity, water, gas, and telecommunications to the property. 7. Contingency and other costs: This includes allowances for unforeseen circumstances or changes during the construction process, as well as costs for project management, insurance, and legal advice. 8. Financing costs: This includes any interest paid on loans or other financing arrangements used to fund the project. 9. Sales and marketing costs: This includes costs associated with promoting and selling the property, such as advertising, marketing materials, and estate agent fees. 10. Profit and developer's fees: This includes the desired profit margin for the project and any fees charged by the developer or contractor. It's important to note that the specific requirements for reporting on RICS' prime cost may vary depending on the context and purpose of the report.
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