Organizational Value Framework for Asset Management Decision-Making

Within an organization, diverse conceptualizations of value exist based on the considered perspective. In Asset Management (AM), decision-making criteria should align with stakeholders, organizational, and asset perspectives. To achieve this alignment, value frameworks can be employed as they define elements worthy of proper control because they influence value realization. While existing literature primarily focuses on establishing value frameworks representing the AM conceptualization of value, there is a gap in methodologies for conceptualizing the organizational perspective of value. Such a framework would be an important tool to ensure alignment (line of sight) between organizational management and AM. In response to this gap, this study integrates organizational management and design to provide a systematic approach capable of developing Organizational Value Frameworks (OVFs) that encapsulate an already defined concept of organizational value. The methodology is applied to a case study for validation, simultaneously illustrating how OVFs can enhance decision-making in AM. Given the universality of the tools and elements used, the methodology has the potential for broad applicability across diverse domains and enterprises.