THE SALVO PROJECT | BEST PRACTICE FOR DECISION-MAKING
Make better asset management decisions – consistently
The SALVO Project was a 4-year, international and multi-industry collaboration. This started as a research project to solve the widespread problem of managing aging assets such as ‘When is the optimal time to replace them?’. However, the research was rapidly expanded to cover all the critical decisions encountered in an asset life cycle, particularly when faced with poor or incomplete data.
The results were collated into an integrated process for better decision-making, now called the SALVO Process. This is built around a set of simple, structured, step-by-step guidance for each type of asset management decision (decision ‘storyboards’). These are supported by a range of techniques to combine any available hard data with whatever expert knowledge can be obtained, including methods for quantifying risks, uncertainties and intangibles (such as reputation and customer satisfaction). SALVO also developed a suite of state-of-the-art decision support software tools (DST ASSET STRATEGY EVALUATOR™) to calculate, instantly, the business impact of different decision assumptions, scenarios or options.
The SALVO Process (Strategic Assets: Lifecycle Value Optimization) is a comprehensive method for better decision-making in asset management. It is a unique combination of structured guidance, methods to capture and quantify expert knowledge, and ‘what if?‘ analytical software tools to ensure that the best value decision is made, with a clear audit trail to demonstrate why it is correct.
The SALVO Process can be used for any asset management decisions, such as evaluating a capital investment, optimizing a maintenance or inspection interval, deciding what spares to hold, when to replace an aging or obsolete asset and over 40 other typical decision types in the management of physical assets.
SALVO PROCESS | 6-STEP SMILEY DIAGRAM
The SALVO Process complements a wide range of technical/analytical methods such as Criticality Analysis, Root Cause Analysis, Reliability Centred Maintenance and Asset Performance Management. SALVO provides the vital link between such technical analysis and the financial/business justification for what is worth doing, when and why.
THE SALVO PROJECT | BROCHURE DOWNLOAD
INNOVATION AND INTEGRATIONS
In a number of areas, SALVO broke significant new ground in how decisions can be made in a robust, consistent and transparent way. It created an unparalleled capability to quantify, evaluate and compare strategies such as the best time for maintenance or renewal, how to extend asset life, the optimal spares to hold, the justification and timing for technology upgrades (obsolescence) and the economic value of intangibles such as reputation, morale and customer impression.
The SALVO Project was runner-up in the 2013 IET Innovation Award, a worldwide search for the best of creative talent and significant new developments.