Optimized valued-based

Methods, tools, skills, and processes for optimizing
cost, risk, performance, and sustainability

The course will give participants a grounding in the principles and practices of optimal, value-based decision-making in asset management. The course covers the full range of decisions encountered over the whole asset life cycle, ranging from capital investments to operating and maintenance optimisation, project justifications and optimal timings, asset renewal decisions, spares, shutdown strategies and total portfolio/programme optimization.

Participants will learn how to make decisions under great uncertainty, handle trade-offs and make a business case for risk-based asset interventions.  Very importantly, it also tackles the psychological aspects of decision-makers and stakeholders, to ensure that correct understanding and consensus is achieved about the best value options.

Woodhouse Academy expert tutorial team

Interactive Workshop

For anyone responsible for any aspect of strategic planning

What are asset management decisions?

  • Decision types in the asset life cycle
  • Competing business drivers (e.g. cost, risk, performance, sustainability)
  • Trade-offs and optimization: theory and reality


Essential elements of a Decision-Making Framework

  • Decision processes and their proportionality
  • Identifying what data & knowledge is really needed
  • Decision Support Tools
  • Stakeholder engagement and consensus-building
  • Governance requirements


Best practices research and case studies

  • Risk- and Life Cycle Cost-based decisions
  • Value frameworks and the quantification of different stakeholder impacts
  • The 6-step SALVO Process
  • Trade-offs and Optimization


Different methods for different types of decision

  • Asset investment decisions (new assets and/or renewal of aging assets)
  • Maintenance & inspection decisions
  • Materials, inventory and spares decisions
  • Portfolio & programme optimisation
  • Shutdowns, outages and work bundling decisions


The people dimension

  • Understanding stakeholder motivations and priorities
  • Bias, preconceptions, fears and protectionism
  • Consultation, cross-disciplinary teamwork and consensus-building
  • Making a convincing business case to sceptical audience.

Students will understand the factors, processes, and governance needed to ensure that asset management decisions are made in a robust and consistent way, appropriate to the organization and based on value-for-money.  They will recognize the opportunities, constraints, information requirements, and consensus-building skills needed to establish a decision-making framework in their own organization.  And they will recognize, and be able to explain, the scale of business benefits that are available from improving asset management decision-making. 

This course includes leading-edge research into best practices in asset management decision-making.  It will teach participants how to correctly handle risk and uncertainty, how to quantify the value of ‘intangibles’ such as reputation and sustainability, how to handle trade-offs, and find the optimal timing for asset interventions (e.g. inspections, maintenance, shutdowns, or capital investments).  It will also show how different methods and tools for decision support are suited to different types of decisions, with different levels of complexity and criticality.

This course is applicable to:

  • Middle and Senior managers
  • Department heads and team leaders
  • Projects, Maintenance and Procurement planners/managers
  • Engineering, operations, process and production staff
  • Innovators, investment planners & best practice facilitators

Although no pre-qualification is required, a degree-level or HND qualification is recommended.

Acquire a broad understanding of the complex and multi-faceted, cross-disciplinary role of asset management
Develop the skills and knowledge required to effectively manage assets in modern business environments
Develop effective decision-making and problem-solving skills
Reflect on, and critically evaluate, practices in the workplace and different organisational contexts
Critically evaluate the process of skills transfer and application of knowledge into work-based practice
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1 Day / Class size 15 
Interactive workshop
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1 Day Inhouse
Tailored to Organisation
Interactive workshop

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