What should reference data be in order to ensure effective asset planning efforts?

Reference data should be consistent and competitive to ensure effective asset planning efforts. Consistency in reference data means that the information is reliable and can be trusted over time, which is crucial when making decisions regarding asset management. It allows for accurate comparisons, trend analysis, and forecasting, all of which are essential for effective planning.

Competitive reference data implies that the information not only aligns with industry standards but also offers insights into best practices and benchmarks. This helps organizations make informed decisions that enhance their competitive edge, enabling them to optimize resource allocation and operational efficiency. When both consistency and competitiveness are present in reference data, it supports strategic planning and the overall effectiveness of asset management.

Other options present characteristics that would not support effective asset planning. For instance, inconsistency would lead to confusion and unreliable conclusions, and randomness does not provide the structured information necessary for sound decision-making. Therefore, the best practice is to ensure that reference data is both consistent and competitive.