Good decision-making is at the heart of good asset management
BETTER DECISION-MAKING: WHAT, WHY AND HOW
As more and more organisations are recognising, good decision-making is at the heart of good asset management. But what is a good decision? Decision Support Tools Ltd provides a clear-cut answer: the best value-for-money option that takes account of all stakeholder interests, risks, constraints and consequences over the whole asset life cycle. However this involves understanding and navigating the conflicting interests, and evaluating different options in a clear, quantified and consistent manner.
The international, multi-industry SALVO Project has spent four years researching best practices in such decision-making, and the resulting process, templates, competency requirements and ‘what if?’ analytical tools are embodied in our tools and training. They provide process guidance and disciplines, consistency and extremely flexible analysis of risk, reliability, performance, life cycle costing, resourcing and other financial calculations. They help you rapidly to identify the optimal solution, and to demonstrate why it is the optimal solution.
Better decision-making is not just more fact-based, data analytics. Good information is highly desirable but this alone is never enough. Indeed, more data sometimes leads simply to more confusion.
Good decision-making, as enabled by Decisions Support Tools Ltd is:
- Consensus-building (building bridges between competing interests, with a shared conclusion)
- Exploratory (evaluating alternative scenarios, ideas, assumptions and uncertainties)
- Transparent (it is essential to show why the chosen outcome is the best solution)
- Risk-based (incorporates, quantifies and sensitivity-tests for uncertain events)
- Value-focussed (with quantification of significance for different business impacts)
- Optimized (able to demonstrate that it delivers the best value compromise between competing objectives)