Improving Data Driven Decision Making

Abstract

Asset managers aspire to make better decisions based on data. In the ideal world, the asset manager would start with decision mapping where decisions processes are identified, then desired data inputs are defined, and the data sourced. Based on this data, well informed decisions based on data are the natural outcome. The reality is that: 1. We are not always sure what decisions need to be made, or when they need to be made 2. Decision modelling is imperfect 3. The data we would really like to have is either not available or not possible 4. The data we have will be incomplete, be inaccurate, and not necessarily well suited to the decisions we wish to inform. So how do we improve? This presentation will use the example of bridge condition rating data to explore decision improvement processes that make the most of available data.