Title: Value-Based Decision Making

Presented by: Demetrius Onoufriou

Organisations want to realise the optimum value from assets with the use of scarce resources. The concept of value and the activity of decision making are vital to good asset management practice and are interlinked. The importance of value and decision making has been recognised through the work on the revision of ISO 55001; value is not currently addressed in ISO 55001 and not defined in ISO 55000. Value-based decision making is an approach that helps organisations align decisions to realise the most value from their assets.

This webinar will explore value-based decision making as a practical approach for an organisation to optimise the value from its assets, with examples of how value frameworks are deployed in practice. A decision-making maturity scale will illustrate how decisions are often made in asset-intensive businesses, with the concept of Multi Criteria Decision Analysis (MCDA) lying towards the top of this scale, along with the significance of time in decision making.

The webinar will consider the importance of a common understanding of value through the identification of the value criteria that matter most to the organisation, and how they are used to build a Value Framework that enables an organisation to assess which projects deliver the highest value.

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