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As the\u00a0utility\u00a0works to develop\u00a0Life Cycle Costing\u00a0data on\u00a0all\u00a0the assets, there will be a point where the data will provide information on the costs of maintenance, repairs, and replacements for the assets. This information will be used to\u00a0optimize\u00a0the operation,\u00a0maintenance, repair, rehabilitation, and replacement expenditures, which is the goal of\u00a0Life Cycle Costing. However, the system does not have to wait for the database\u00a0to be fully\u00a0built\u00a0and the costs\u00a0optimized\u00a0to begin\u00a0utilizing\u00a0it.<\/span>\u00a0<\/span><\/p>\n As a system implements its asset management program, the available data can be used to begin developing long-term replacement plans. This allows the system to look at incomes and budgets and\u00a0adjust\u00a0in advance of a large expenditure or need.<\/span>\u00a0<\/span><\/p>\n To\u00a0develop these long-term\u00a0plans\u00a0utility staff and local decision-makers\u00a0will want to develop a\u00a0<\/span>Capital Improvement Plan<\/span>\u00a0(CIP) and perform Business Case Evaluations. The CIP will allow the system to see\u00a0what\u00a0projects are needed\u00a0when. The\u00a0<\/span>Business Case Evaluation<\/span>\u00a0allows the\u00a0utility\u00a0to have a deeper look at high dollar projects to ensure projects\u00a0are\u00a0needed and that all the options for project development have been fully considered, including options for non-asset solutions or alternatives that\u00a0might\u00a0not include replacing the asset with a similar asset. This process allows the\u00a0utility\u00a0to\u00a0optimize\u00a0construction funds.<\/span><\/p>\n [\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section]<\/p>\n","protected":false},"excerpt":{"rendered":" Long-Term Replacement Planning As the\u00a0utility\u00a0works to develop\u00a0Life Cycle Costing\u00a0data on\u00a0all\u00a0the assets, there will be a point where the data will provide information on the costs of maintenance, repairs, and replacements for the assets. This information will be used to\u00a0optimize\u00a0the operation,\u00a0maintenance, repair, rehabilitation, and replacement expenditures, which is the goal of\u00a0Life Cycle Costing. However, the system does not have to wait for the database\u00a0to be fully\u00a0built\u00a0and the costs\u00a0optimized\u00a0to begin\u00a0utilizing\u00a0it.\u00a0 As a system implements its asset management program, the available data can be used to begin developing long-term replacement plans. This allows the system to look at incomes and budgets and\u00a0adjust\u00a0in advance of a large expenditure or need.\u00a0 To\u00a0develop these long-term\u00a0plans\u00a0utility staff and local decision-makers\u00a0will want to develop a\u00a0Capital Improvement Plan\u00a0(CIP) and perform Business Case Evaluations. The CIP will allow the system to see\u00a0what\u00a0projects are needed\u00a0when. The\u00a0Business Case Evaluation\u00a0allows the\u00a0utility\u00a0to have a deeper look at high dollar projects to ensure projects\u00a0are\u00a0needed and that all the options for project development have been fully considered, including options for non-asset solutions or alternatives that\u00a0might\u00a0not include replacing the asset with a similar asset. This process allows the\u00a0utility\u00a0to\u00a0optimize\u00a0construction funds.<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_et_pb_use_builder":"on","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"class_list":["post-6901","page","type-page","status-publish","hentry"],"yoast_head":"\n