Best Practices in Asset Management Decision Making

A systematic approach to Asset Management Decision Making:

Establishing a Framework

Optimal decision-making lies at the core of good asset management. A structured, transparent, and consistent Framework for
asset management decisions involve people, process, governance, and proportionate use of decision-support tools and can…

Enable quantified cost/risk-based strategies and
demonstrably optimized asset management plans

Identify optimal timing for asset replacements.

Evaluate opportunities for asset life extension

Identify specific asset data needs and correct usage

Integrate optimal inspection, maintenance and
renewal strategies
for whole life cycle value.

Force the right

to be asked.

Capture and

‘tacit knowledge’.

Bring together, in a structured way, technical,
financial and
other stakeholder interests.

Forecast expenditure and resource requirements
based on clear, risk-based business case justifications.

The Essential Elements
of a
Decision-Making Framework

Decision Inputs

Collating decision specific inputs
What are the questions that need to be asked?
Identify the sources; Hard data & Evidence, Tacit Knowledge, Assumptions & Speculation.


Clarity of stakeholder needs/values
Clarity of data & information needs
Structured capture of ‘tacit knowledge’
Lateral thinking/creativity

Decision Controls & Constraints

Determines governance for the decision-making process, authority levels and delegation/escalation criteria and Policies & Standards for decision-making practices



Decision (process)

Optimising better decsion making using Technology (Reporting, simulators, calculators and modelling), Process Guidance & Support and Education & Training


Process clarity & documentation
Fit-for-purpose, proportionate tools
People engagement & competency

Decision Processes

Aligning processes, with different levels of detail, while determining Decision Complexity (likelihood of decision errors) and Decision Impact (consequences of getting it wrong)


Transparency, consistency & ‘ownership’ Proportionality (in effort & rigour) Decision-making speed & agility

Decision Results

Aligning processes, with different levels of detail, while determining Decision Complexity (likelhood of decsion errors) and Decision Impact (consequences of getting it wrong )


BIG cost, risk and performance gains*
Greater transparency & credibility
Organisational learning
*Head to the Woodhouse Partnership to view our Case Studies

Combine Processes, Governance, Competences & Tools

Cross-disciplinary collaboration and consensus-building

Process rigor and transparency

… Proves the value of timely intervention
… Quantifies the impact of delays or the wrong decision
… Builds ‘ownership’ in participants and commitment to the conclusions
… Identifies big improvements in cost, risk, performance and sustainability
… Identifies key dependencies and future information worth collecting

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