Complex decisions made simple (risk and value)
How might we simplify risk and value decision-making so it’s fast, clear, and auditable in one digital platform?
The challenge:
Balancing risk and value based decisions is a simple concept, but hard to do in practice. The challenge is to create a simple digital platform that enables faster and recorded decisions?
Risk & Value based Options assessment and decisions are hard to make at pace across the scale of our portfolio. There are often many stakeholders involved, with different opinions, and it can be hard to summarise information in an easy way that enables rapid and effective decision making.
We need to balance Capex based decisions (which is how we are primarily funded, and how the LWE incentive model works) with Totex thinking, as higher capex solutions may be in the longer term interest of NWG (balanced with our ability to afford that short term), whilst the reverse may be true.
Information is in different sources; options can be complex – the challenge >> how to share, present and enable rapid and effective decisions.
This sprint will not be a theoretical discussion about the topic of Risk & Value. It will not be ‘what the textbook says’
This sprint will be pragmatic & action orientated.
This sprint will design, prototype and establish a simple & useable digital tool that enables Risk & Value decision making
Together, we will:
- Map a process flow
- Review existing artefacts
- Ensure the key elements of Risk & Value are included
- Consider the practicalities of Who / How / When / What are considered
- Consider how a digital tool (likely PowerApp or Sharepoint based) would link with other business tools/data sets
- Wireframe the design
- Build a prototype
Participants will collaborate through a series of structured and interactive sessions to:
- Quickly align on the core requirements of Risk & value
- Review the existing artefacts
- Understand the existing problems
- Map out a new processs
- Wireframe a solution
- Prototype the solution
- Bring it all together
By the end of the sprint, we aim to deliver:
- A Process Document
- A Wireframe design
- A working prototype
- A plan ahead to implement
- Project management in asset investment delivery
- Sponsors & Operational colleagues
- Heads of Service
- PMO
- Engineering