Which programs to be used for delay Analysis - baseline or updated

Hi To All,

i am preparing Delay Analysis report for Management

one of my friend told me that use original baseline ( without update ) same data date of project start and change the event cause delay by constraints and see the results .

while i believe i have to use updated program as of now ( data date as of now )  and compare with baseline  and see the results

which one is correct

Thanks

ve i have to use updated program as of now ( data date as of now )  and compare with baseline  and see the results

which one is correct

Thanks