BS 8544:2013 pdf download – Guide for life cycle costing of maintenance during the in use phases of buildings 3Terms, definitions and abbreviations 3.1 Terms and definitions For the purposes of this British Standard the terms and definitions included inBs lso 15686-5,PD 156865 and the following apply. NOTE Common terminology used in the industry can also be found in theRICS NRM 1 [1] and BCIS’Standard Form of Cost Analysis (NRM edition)[4]. 3.1.1annual equivalent cost uniform annual amount equivalent to the project net costs, taking into accountthe time value of money throughout the period of analysis 3.1.2 asset whole building, structure or unit of construction works, or a system or componentor part thereof [SoURCE: BS ISO 15686-10:2010,3.1] NOTE This definition includes infrastructure, assemblies, materials and landscaping. 3.1.3asset register collection of records holding information about facility assets in terms of theirmanufacturer, vendor, make, model, specifications, date of acquisition, initial cost,maintenance costs and requirements, accumulated depreciation and written-downvalue [SOURCE:BS 8587:2012,3.1.3] 3.1.4base cost cost of an existing or selected life cycle scenario against which enhanced or improved options can be compared or the cost of a specific solution selected as abenchmark with which to measure other options 3.1.5base date date at which rates and prices contained within cost analyses or benchmarkanalyses are based [SOURCE: RICS NRM 1[1],1.3.3] 3.1.6base rate interest rate selected as the basis of the selected discount rate NOTE This could be the current bank rate or the employer’s cost of capital.The baserate is commonly adjusted by the inflation rate to give the discount rate. 3.1.7building construction works that have the provision of shelter for its occupants or contentsas one of its main purposes, usually partially or totally enclosed and designed to stand permanently in one place [SoURCE: BS 6100-1:2004,3.1.3] 3.1.8business criticality assessment assessment based on the impact to the business of not undertaking themaintenance work 3.1.9capital cost acquisition costs where these are treated as capital expenditure 3.1.10capital reinstatement value current cost of reinstatement of the buildings in their present form, includingdemolition, site clearance and fees, but excluding vAT(except on fees) NOTE Capital reinstatement value is sometimes incorrectly referred to as the “fire insurance valuation”.Further information and guidance regarding this can be found inthe ABI/BCIS House rebuilding cost index, RICs valuation: professional standards [5]. 3.1.11component product manufactured as a distinct unit to serve a specific function or functions[SOURCE: BS 6100-1:2004,6.1.3] 3.1.12corrective maintenance maintenance carried out after fault recognition and intended to put...

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