Engineering data is often collected for a single purpose and then lost, corrupted, duplicated, or simply not accessible to all who may want to use it. The value of data often goes beyond its purchase and the result of the intended purpose. Access, security, and further leveraging data are but a few advantages to keeping data safe and sharing it. Furthermore, the amount of data on any project or within an enterprise will continue to grow at an alarming rate, hence the need for shifting our perception of data from expenditure to asset. Using methods such as Net Present Value, Return on Asset, and pay back, this paper will illustrate how data can be viewed as an asset rather than an expenditure. These valuations are not intended as accounting strategies, merely methods to illustrate how data shows asset characteristics. Ultimately, when data is seen as an asset, it is treated as such and stored and maintained in an information management system.
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Data Is an Asset That Should Be Managed
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Adam, S, & Hlady, JT. "Data Is an Asset That Should Be Managed." Proceedings of the 2006 International Pipeline Conference. Volume 1: Project Management; Design and Construction; Environmental Issues; GIS/Database Development; Innovative Projects and Emerging Issues; Operations and Maintenance; Pipelining in Northern Environments; Standards and Regulations. Calgary, Alberta, Canada. September 25–29, 2006. pp. 39-43. ASME. https://doi.org/10.1115/IPC2006-10500
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