How do you make objective investment decisions across an asset base?
Companies own and manage assets to provide a service to end users and customers. A Service Measure Framework (SMF) sits at the heart of all best practice asset management approaches to value risk of service, and the value derived from the service, in a consistent and transparent manner. It provides a common language across the business and asset base to enable effective and comparable investment decisions.
Risk and service measures cover all aspects of service that a company, its customers, and other stakeholders expect and value. They provide a consistent framework to understand and express how the asset base will perform against key aspects of service and performance, and for which expenditure is made.
Probit Consulting defined the concept of the Asset Risk Map in 2010, and since then it’s grown into a de facto standard across multiple industries. If you’re looking for innovation, you’ve come to the right place. Risk Maps are easy to build and amend and allow for a transparent, collaborative and auditable approach to defining the investment optimization problem. They combine assets, deterioration and service impact relationships, and intervention costs and benefits in a graphical representation that is easily understood by stakeholders, asset managers and modellers alike.
Risk Maps are fully configurable by the end user and a powerful equation editor provides the user with the ability to input any equation required to evaluate risk, service, and value at any level in the asset hierarchy. Risk Maps can be configured to support strategic, tactical, and operational expenditure decision-making across the business to articulate how the asset base performs now and in the future, how future expenditure may impact upon service risk, and the value it delivers to the end user. Risk Maps are stored in one centralized location, enabling users to quickly visualize what risk and value look like for each asset type and help drive consistency in approach and transparency between asset types.