Decision-Making in Asset Management
SCIO Decision Intelligence Framework
When I introduce the concept of a Decision Intelligence Framework to people, they are initially skeptical because, inside their heads, they’re wondering, “What decisions is this for?”. “Exactly!” is my reply.
Decision-making is the key to operational excellence. It’s the mechanism to direct the organization's activities to create value from its assets. It’s the means to allocate and reallocate its vast and scarce resources. But what are the important decisions? It’s a very reasonable question.
Fortunately, a finite number of decision types exist in the broad asset management landscape. When we think about it, formal asset management covers all decisions made within operations and beyond over the asset lifecycle.
I’ve made it my business to ask and answer, “What are the important decision types in the six subject areas and 39 subjects, and how can we enable problem-solvers and decision-makers to make the best decision possible at every opportunity?”
Decisions may be simple, and others may be complex. Some are strategic; others are tactical. Some are made frequently, while others only once. Some utilize intuition and experience, while others utilize data and evidence. Some require people, machines, or both. Some might be a simple yes/no choice, while others have multiple alternatives evaluated against multiple business objectives. Value at stake might be financial or non-financial, or both. Decisions can provide instant or short-term results, while others take years or decades to prove.
I could list all the specific decision types, continuing in the style of Bubba Blue in the Forrest Gump “shrimp is the fruit of the sea” clip. But I won’t, not here. That’s for another time.
Important decisions and how they’re made can and should be codified. I’m developing use-case canvases tailored for each decision type using a proven problem-solving & decision-making process. This is the beating heart of a growing and practical body of knowledge part of SCIO’s Decision Intelligence Framework.
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