VTT ValueWise for better decisions

VTT ValueWise is a five step approach that starts with definition of the use case or business case with the customer and setting targets to the study. We choose the methodology and tools from our existing tool kit or develop a dedicated method to solve the problem on hand. For data collection several means are available – either the data is derived from the IT-systems, collected from the field, data books or literature, or elucidated in expert sessions. In the next step, we produce tailored visual reports to ease the interpretation of the results. Finally, we establish action plan and recommendations to support your decision making.

Our methodological toolkit covers e.g.:

• Reliability Block Diagrams (RBD), Reliability Centered Maintenance (RCM), Failure Mode, Effects and Criticality Analysis (FMECA)
• Life Cycle Cost (LCC), Life Cycle Profit (LCP), Cost-Benefit, Cost-Effectivieness, Return on Investment (ROI) analyses
• Safety Integrity Level (SIL)
• Statistical analyses
• Value-Driven Maintenance Planning
• Criticality Assessment

Data collection

• Computerised Maintenance Management Systems (CMMS)
• Field data collection
• Data books
• Expert interviews, expert judgement, engineering judgement

VTT ValueWise applications cover several fields of industry e.g. We have also applied the approach in public sector decision making, infrastructure etc. Our expertise covers a range of decision making situations, like:

• We can start with an approach for evaluating the criticality of industrial processes: Scalable Criticality Audit
• We give support for modernisation and uppgrading investment decisions
• VTT ValueWise profits from competence and tools developed in other application areas like public investments.
• risk conscious decision-making
• value-driven maintenance planning

Decision support tools e.g.:

• ReliaSoft reliability engineering, modelling and analysis software
• Life Cycle Cost (LCC) calculation tools
• MeetingSphere for facilitating workshops

VTT ValueWise is based on high-class scientific knowhow. Some highlights of our recent publications are listed below.

• Hanski, Jyri; Valkokari, Pasi; Kortelainen, Helena; Kinnunen, Sini-Kaisu; Ylä-Kujala, Antti; Herala, Antti; Marttonen-Arola, Salla; Kärri, Timo. 2016. Knowledge intensive service concepts for fleet asset management. Fimecc S4Fleet Project 3 SP1 Fleet information network and decision making. Deliverable 2. Fimecc
• Kortelainen, Helena; Räikkönen, Minna; Komonen, Kari. 2015. Corporate asset management - a semi-quantitative business-driven approach to support the evaluation of improvement options. International Journal of Strategic Engineering Asset Management. Inderscience Publishers, vol. 2, 2, ss. 208-222

VTT ValueWise service references:

• VTT and Chiller developed a tool that leads to significant savings in life cycle costs (in Finnish)
• Elcon Solutions Oy, Lifecycle cost tool
• Valio Oy - Developing assets in a cost-efficient way to meet emerging business opportunities
• ValueSec - Mastering the Value Function of Security Measures (EU FP7 project)
• ToPDAD - Tool Supported Policy Development for Regional Adaptation (EU FP7 project) 
• Harmonise - A Holistic Approach to Resilience and Systematic Actions to Make Large Scale Built Infrastructure Secure (EU FP7 project)
• Relsteps - Käyttövarmuuden hallinta suunnittelussa (in Finnish)
• MittaMerkki - Towards risk-conscious investment decision making and value creation

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VTT ValueWise service references:

• VTT and Chiller developed a tool that leads to significant savings in life cycle costs (in Finnish)
• Valio Oy, Risk analysis of the Valio Haapavesi cheese manufacturing line to maintain the performance availability level
• Elcon Solutions Oy, Lifecycle cost tool
• Metso Minerals Oy, Cost per performance model
• SKB Automation options
• ValueSec project
• ToPDAD-project
• Harmonise-project
• Relsteps