How to copy production environment

Hi,
Forgive me as I am new to peoplesoft, and am but a lowly DBA.
I am trying to determine the best method to keep a relatively recent copy of production continuously available for both production support/development as well as reporting needs.
Since it will bneed it's own app/web front end, I can't simply use a standby db. So far we have been copying the db on opccasion and then reconfiguring the app/web to work with it, but this takes considerable time and does not have a real time lag to production.
Does anyone have a practical recomendation?
Thanks

What Oracle version are you using ?
What the expected lag between prod and reporting application ?
I already maintained standby database for reporting purpose with one day lag. Every night, the reporting database (the standby db) applied the archive files geenerated during the day by the production database. And during the working hours, the database was open in read-only mode. On 10gR2, you can open in reversible read/write mode (it's not the case on older db).
Nicolas.

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