The new ISO 55000 standard underlines the importance of the concept of value, yet many companies struggle with how to define, measure and communicate value.
Value-based decision making (VDM) can help organizations identify the best combination of investments that deliver the greatest value—while respecting funding, resource, and timing constraints. But what does it truly take to make value-based decisions?
In part 2 of this series, you'll find out how our fearless Interplanetary Director of Asset Management "Coop" and his hyper-intelligent sidekick C55 tackle this challenge. Join them on their journey to discover what a Value Framework is, how it is created, and how it can help you make more informed and more objective decisions that are aligned to the priorities of your organization—or in this case, the galaxy!
Part 1: Introduction to Asset Investment Planning & Management (AIPM) and ISO 55000
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Part 3: Make Optimal Investment Decisions
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Part 4: Manage Performance to Continuously Improve
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Part 5: Predict Long-term Needs to Manage Risk
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Script:
Coop is now the director of Interplanetary Asset Management. There are so many different projects being brought to him–new solar deflectors, interplanetary communication system, asteroid mining—not to mention maintaining all of the existing assets!!!
How can he possibly choose between all of these very important, yet completely different projects?
Coop needs a consistent way to evaluate everyone’s requests and recommend the projects that deliver the greatest overall value to the galaxy. He calls on his trusty sidekick C55 who tells him they need a Value Framework to analyze and evaluate everything.
To create the framework, C55 says Coop must first understand the overall goals of the interplanetary council! So they visit council chambers, and discover each of the strategic objectives.
Next, C55 tells Coop to meet with the stakeholders to figure out how their projects contribute to those objectives.
With the Value Framework in place, C55 explains that the final step is to align all of the benefits to a common scale. Coop can now see how much value each project contributes, and understand which ones will deliver the greatest value to the galaxy!
C55’s Value Framework gives Coop exactly what he needs to assess all investments consistently and objectively!
But wait! There aren’t enough resources to do it all! How will Coop choose the best combination of projects and timing? Stay tuned 'til next time!
