Assets in need of remedy (identified in the SEARCH Process) are resolved in REVEAL’s SOLVE Process, within which specific projects are designed and alternatives for each (labeled Decision Options) are provided. The SOLVE Process also aggregates and organizes historical project data, which facilitates Knowledge transfer into new project assessments.
Decision. Within SOLVE,projects are first designed for each asset needing remedy, then Decision Options are generated for each asset. By comparing Decision Options for each asset, a project owner can arrive at an optimal decision path. To optimize decision making, SOLVE defines projects by three variables:
- Cash flows: Projected over the life of the project and defined for specific years, project cash flows may be planned as capital spending or expensed as O&M; estimated project costs are discounted to reflect present value by years of cash outflows.
- Project Drivers (Metrics): A given project may be driven by a reliability issue and defined by a reliability score. Or it may be driven by a need to improve Safety defined by the number of injury claims. Projects can be defined by as many metrics that are relevant to a specific issue.
- Effectiveness: Once project drivers are defined, project owners can then score the relative effectiveness of each proposed solution to bring satisfactory resolution.
Thus SOLVE optimizes project selection by comparing the costs of mitigation options to suggest the most effective spend relative to an acceptable level of overall risk reduction.
Knowledge. REVEAL’s SOLVE thinks to the future with Knowledge processing, which automatically compares project performance against initial design goals. By assessing the accuracy of estimated project costs, those projects that did or did not meet their targets are quickly determined. The Knowledge module aggregates, organizes and maintains ever growing library of historical project data, which can then be used for internal scoring and an invaluable knowledge transfer to new employees working on new projects as well as a compendium of past lessons learned.