SPEAKERS & SESSIONS
Meet the Instructor: Richard Rockwood
Session: Decision-making with Partial and Uncertain Asset Information – The Normal Situation
Decision-making With Partial and Uncertain Information – The Normal Situation!
A 5-year multi-industry collaboration program (the SALVO Project) has yielded remarkable insights into the better use of existing data and expert knowledge – within a disciplined process for improving decisions about buying, building, operating, maintaining, modifying and replacing physical assets.
This highly interactive workshop will share these findings and explore how a better understanding of decision-making can radically change priorities for what data is worth collected, why, and how it should be used in the business. It quantifies the $$-value of existing information, and shows how uncertainty and expert opinion can be quantified and incorporated, to complement more objective data sources.
Most importantly, the workshop will help participants to ‘close the loop’ in supporting real business improvements to manage risk, raise performance and control life cycle costs.