VTT ValueWise for better decisions

VTT ValueWise helps technology providers and asset owners to reveal the value of their solutions in concrete and quantified manner by utilising data from various sources. ValueWise offers robust and transparent assessment and visualisation of lifetime costs, benefits and risks of decision options.

VTT ValueWise consists of structured approach to data collection, software supported methodology tailored according to the customer needs, and competence for developing action plans.

applications for customer specific business cases like Life Cycle Costing, Cost-Benefit analyses, Investment option evaluation, Cost per performance calculation, benchmarking;
commercial software for basic reliability and availability performance analyses and for statistical analyses;
excel-applications for customer specific technology evaluation cases like Safety integrity level evaluation and reliability models

VTT ValueWise is scalable. Quick model can be developed with one week's effort, large system model may require several months. VTT can support your decision process over a wide range of decision making needs from technology choices to investment option evaluation and life cycle costing in procurement.

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

Kortelainen, Helena; Kunttu, Susanna; Valkokari, Pasi; Ahonen, Toni. 2015. Asset management decisions : based on system thinking and data analysis. Engineering Asset Management: Systems, Professional Practices and Certification. Springer Heidelberg, ss. 1083-1093
doi: 10.1007/978-3-319-09507-3_92

Kortelainen, Helena; Reunanen, Markku; Uusitalo, Teuvo. 2014. Sustainability Improvements Through Efficient Asset Management Networks. Proceedings of the 7th World Congress on Engineering Asset Management (WCEAM 2012). Springer, ss. 341-352
doi:10.1007/978-3-319-06966-1_31
Kortelainen, Helena; Räikkönen, Minna; Kunttu, Susanna. 2013. Managing strategic risks through costbenefit evaluation. In: Research highlights in safety and security. Veikko Rouhiainen (ed.). VTT, ss. 116 - 117 http://www.vtt.fi/inf/pdf/researchhighlights/2013/R10.pdf
Räikkönen, Minna; Kunttu, Susanna; Murtonen, Mervi; Jähi, Markus. 2016. Economic evaluation of large scale urban built infrastructure Introducing the RESEC method. Espoo, VTT. 37p. + app.3 p. VTT Technology; 260 ISBN 978-951-38-8421-5 http://www.vtt.fi/inf/pdf/technology/2016/T260.pdf

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

Email	info@vtt.fi
Tel.	+358 20 722 7070

VTT ValueWise for better decisions

Strong support risk conscious decision making