A Capital Improvement Program refers to an organization's comprehensive plan outlining substantial investments to maintain, upgrade, or replace long-term physical-world assets. Such assets usually feature a life span exceeding one year and include elements like buildings, machinery, equipment, and infrastructure that contribute to the creation of goods or services.
Capital improvement programs are essential for:
Implementing a well-planned capital program can be a complex task. It requires highly efficient capital project management solutions that offer real-time reporting and risk management tools. These innovative solutions assist in ensuring the successful execution of capital programs by maximizing performance and cost-effectiveness.