Long gone are the days of “guesstimating” facilities needs or costs. Stakeholders, including the community, are expecting accurate data from real numbers. Gathering this data requires life cycle planning or assessments but more importantly, you need a tool that will allow you to actively manage your life cycle and forecast accordingly.
Three Paths to a 30-year Forecast
In order to have full visibility into your facilities’ needs and cost, you need a dynamic and customizable model that will allow you to auto-generate life expectancies, track condition and cost, and foremost, be easy to use. Chances are you already have the data you need in a forecasting model. Here are three common paths on how data can be gathered for your model.
Path 1: Answer three simple questions to start building your life cycle:
- Age of building?
- Square footage?
- Building type?
Path 2: Input your existing assessment
Depending on your state or other requirements, you may already have an assessment prepared.
Path 3: Input elements to track
You may already track life cycles of assets and other aspects of your buildings. Upload data into your life cycle model tool for a complete picture of your properties’ future needs.
Complete the cycle
Either path you choose, put that data into a clear, customizable, and actionable model. Look for a solution that is built on life cycle best practices and that can take your snap shot data and create dynamic reports. Look for features that will allow you to:
- Auto-generate life expectancies and costs to replace building components
- Generate facility condition and capital need reports with dynamic graphing
- Import data gathered during a facility condition assessment for completion of capital improvements
- Track the condition, cost, and estimated replacement of facility equipment
- Integrate with work management system to create work orders for capital needs
Don’t have a model yet, or have an outdated model that’s cumbersome to update? Take a look at our latest cloud-based forecasting tool, CapitalForecastDirect, a customizable model built on life cycle best practices.