INTRODUCTION
The real, long-term value of construction is a fundamental factor that is often forgotten. Considerable first costs tend to overwhelm planners' interests in creating buildings of sustainable quality, even though these first costs pale in comparison to life-cycle expense.
For buildings to continue serving their purpose, they must be well designed, constructed, and maintained. As with any asset, however, neglect carries a steep price. Deferred maintenance and malfunctioning equipment quickly create systemic liabilities requiring expensive, large-scale resolutions.
The vast majority of today's educational facilities are developed to minimize first costs alone, under the assumption that construction and equipment will last an average amount of time with a minimal number of problems. With the cost of construction rising and budgets growing tighter, this approach is understandable, but it cannot be sustained in the long term.
This section introduces several methods of maintaining and protecting the collective investment in educational facilities. The goal is sustainable improvements in cost and quality for the schools of today and tomorrow.
- Lowell Shields
Asset Management Articles
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