Describes and evaluates four alternatives to planning and budgeting for higher education facilities capital reinvestment. The purpose is to help facilities directors, budget officers, and other senior decision makers understand the basic rationale of each alternative as well as the complexities, strengths, and drawbacks. The four approaches to planning and budgeting for facilities renewal reviewed are physical plant auditing, depreciation-based, percentage of current replacement value (CRV), and facility sub-system modeling (also referred to as life-cycle modeling). The paper evaluates the strengths and weaknesses of each approach against three essential criteria: 1) Does the method provide convincing justification for funding facilities renewal? 2) How accurate is the method? 3) What is the cost and effort to implement and maintain the approach?
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