Don’t Prioritize, Optimize!

October 5, 2016 Barry Quart

How do you decide what to spend your hard-earned money on? Well, if you’re like most of us, you try to get the biggest “bang for your buck”. When making a decision like buying a new car, you come up with a few options, and rank each one based on how much it costs and how it meets your needs. Easy…

Now, imagine you need to decide between ten, twenty, or a thousand different investments—where each one has multiple options and addresses different needs? What if you can’t afford to do them all? Which ones do you do now, and which ones will have to wait?

Organizations responsible for critical infrastructure manage millions of assets and have to evaluate thousands of requests to spend money every year. Most companies don’t have the budget and/or resources to do everything that is asked, so some investments have to wait. Deferring asset-related investments increases the risk of failures or incidents. This gets complicated very quickly!

Organizations that struggle with these decisions need a way to make these difficult trade-offs with confidence.

In this latest video, our fearless Director of Asset Management, Coop, tackles this very problem. He starts by using the standard method of ranking and prioritizing the investment requests, but quickly finds that this just doesn’t work. The result is fraught with problems, so he calls on his hyper-intelligent companion C55 to help him out.

Watch as C55 shows Coop how using mathematical optimization techniques can help him determine EXACTLY which projects to execute now and which ones can wait. Learn how C55’s powerful optimization helps organizations create risk-informed plans that deliver the most value while respecting budgetary, resource, service level and timing constraints.

If you missed the first two videos in “The Adventures of Coop and C55”, feel free to check them out here:

Episode #1: Intro to AIPM and ISO 55000
Episode #2: Value-based Decisions: A Best Practice of ISO 55000
Episode #3: Make the Optimal Investment Decisions

About the Author

Barry has 30+ years experience in the development, implementation, and marketing of complex software systems. He is currently VP Marketing for Copperleaf.
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