This webinar will explore the concept of value in ISO 55000 and explain how a utility’s strategic objectives and values can be used to develop a framework for asset management decisions.
Energy and water providers acquire and manage assets because of the value they bring to the organisation. And they spend money and time maintaining and sustaining these assets to preserve their ability to deliver value.
Ageing infrastructure, low growth and increasingly sophisticated demands from regulators and other stakeholders are creating a perfect storm, which is placing conventional maintenance and capital planning practices under pressure.
This requires energy and water providers to do more with less and to become more transparent and rigorous in their business processes.
Many providers are looking to recent developments in asset management best practices, most notably the new ISO 55000 management standard for asset management.
The essence of this standard is value realisation from assets - ensuring that the right things are being done right, and that these activities support the utility’s strategic objectives.
In this webinar, we will:
- Explore the concept of value, and focus on two core aspects of the ISO 55000 standard - how capital decisions are and should be made, and what framework is required to ensure decisions are optimal for all stakeholders.
- Introduce a decision-making maturity scale to help you gauge how your organisation makes decisions today, and where you want to be in the future. Using simple examples, we will illustrate how value, risk and time play crucial roles in effective decision making.
- Explain how to build a Value Framework for asset management decisions. This includes identifying your most important value criteria, aligning all criteria to a common evaluation scale, and using these criteria to decide what actions or investments will deliver the highest value.
In this 60-minute webinar, you will gain an understanding of why it is important to quantify this value appropriately, because it’s a crucial factor in determining whether an investment has merit, and how it ranks compared with other possible investments in a resource-constrained world. We’ll also highlight the importance of timing since value, costs and risks all change with time.
We’ll conclude with some examples of how Value Frameworks are deployed in practice in energy and water utilities, and provide you with tips on how to get started!
Who should attend?
Senior utility executives responsible for asset management, planning and performance and strategy and regulation. The webinar is also relevant for directors of engineering and VPs of operations.