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Asset Insights

"Living Document"

Some types of reports or studies need to be updated periodically to reflect: 

  • Changing circumstances, such as completed projects and new inflation rates.
  • Adjustments to assumptions about the condition of the assets such as concealed conditions.
  • Changes to risk and uncertainty facing the organization.
  • Status and variances on projects and programs.
  • Realignment of the base year and the terminus year in the planning horizon.

Scope

This is particularly necessary for documents that make long-range forecasts, such as :


Purpose

The report is "kept alive and the data is kept dynamic,  in order to achieve the following 

  • Keep the data current and relevant. 
  • Find any variances between forecasts and actuals
  • Make improvements and iterations to the data

Methods

This is achieved through monitoring and reviews that confirm the underlying assumptions in the reports so that adjustments and updates can be made, as required to the following:

The concept of a living document is also reflected in the fact that the base year and terminus year of the planning horizon shift each year over the life of a building.

There are various ways in which living documents are kept current: Assessment Cycle and Re-assessment

Shifting horizon to reflect changing circumstances
Fig. Shifting horizon to reflect changing circumstances.


1
Fig. The feedback loop in updating studies.


Planning must be iterative, dynamic and continuous. If it becomes static it starts to look more like an old dusty blueprint rather than a live roadmap
Fig. Planning must be iterative, dynamic and continuous. If it becomes static it starts to look more like an old dusty blueprint rather than a live roadmap.


See also:
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