In this article we prove that the Buchsbaum-Rim multiplicity e(F/N) of a
parameter module N in a free module F=Ar is bounded above by the colength
ℓA(F/N). Moreover, we prove that once the equality ℓA(F/N)=e(F/N)
holds true for some parameter module N in F, then the base ring A is
Cohen-Macaulay.Comment: 9 pages, to appear in Proceedings of the AM