Is it worth it?
"How much will WaveRiders profit from this project?"
The minute i heard that question, i regretted putting a price in the first place. Then i tried explaining that the results were intangible, but Paul didn't buy that. Then the next group came on and they got questioned for not having a quoted price. At that point i thought, 'Hah! so that was a good move from our part" and nodded at my team mates.
Funny thing is even when i thought about estimating the value of KM and AM is an organisation, i really couldn't see how it could be done. Whats ironical is that i thought of it when we were discussing earlier that week about seminar topics
i had suggested -why is asset management important: in terms of cost to benefit
-how do u expand ur assets as part of company growth: again thinking about how we can spend on expansion knowing that the benefit gained will be worth the money spent if the benefits are intangible
During the actual discussion as people gave points , i somehow concluded tomyself that the benefits are clearly intangible so it can't be accurately estimated
But when we go back to real life, say a company where we come across day to day problems based on bad knowledge and asset management, it is going to be vital to have figures on return be able to convince higher authorities ,colleagues who may not even have heard of the concept. It is easy to convince anyone that it will give returns, what is hard is convincing them that it is worth investing for.
I'm looking forward to putting in some extra research to find existing techniques(as indicated by Paul) cause i feel that our knowledge on this topic is incomplete without this.But i am still skeptical about the accuracy of the benefit values because on logical thinking this is simply estimated and the value will be much greater.It's like if my Dad asks me to give me the exact value of doing my Msc at Warwick univ, though i can tell him that i will earn higher and can gain the money back in no time, aspects such as an international perspective,confidence and respect are intangible values gained side by side that cant really be valued.
But then again it is useful to have a rough figure to know if the returns are worth the investment.