10 Helpful Insights on Asset Management from 2024

Asset management includes reliability, risk management, and resilience. These are ten of our insights from 2024.

What's hot in asset management in 2024? The insights provided each month on our website provide a good snapshot. Read a few of the ten insights and let us know your thoughts. We trust that you will find them helpful.

The Sources of the Articles

The insights are based on the most interesting people and topics we encountered in our travels. For the most part, travels include JD Solomon Solutions' consulting assignments. In some cases, the source of the insight is related to the follow-up conversations from a workshop or webinar.

As a lean, niche company, we tend to “see it, reflect on it, write about it.” It's fun to see what has inspired us over the course of a year.

What’s In Asset Management

JD Solomon Solutions brands itself in asset management (including reliability, risk, and operational resilience), program development, and facilitation.

Our asset management services include strategic plans, implementation plans, practice reviews, and a full cadre of offerings related to reliability, risk management, and resilience. Our goal is to maximize the efficiency and effectiveness of their integrated use—to maximize their value, minimize their waste, and meet compliance, safety, and security objectives.

Visit our Asset Management page for more information.

10 Helpful Insights on Asset Management from 2024

This is our list from December 2023 through November 2024.

Using Design of Experiments to Sort Through Randomness (and the perception of “best”)

Design of Experiments is a tool for gaining deeper insights into how input factors influence outcomes. Confounding factors can create a false impression of causation. Asset managers, reliability engineers, data analysts, and other technologists are well served by sorting through randomness and not taking "best" at face value.

https://www.jdsolomonsolutions.com/post/using-design-of-experiments-to-sort-through-randomness-and-the-perception-of-best

Understanding How to Apply Redundancy to Facilities and Critical Infrastructure

Redundancy in facilities and critical infrastructure is often misunderstood as simply having two of something. It is one of several approaches to preventing system failures and comes with several key tradeoffs. Included are four key aspects, or the four horsemen, of redundancy.

https://www.jdsolomonsolutions.com/post/understanding-how-to-apply-redundancy-to-facilities-and-critical-infrastructure

What Are the New Asset Management Challenges Over the Next 5 Years?

Making predictions in the face of uncertainty is what every business and aspiring young asset management professional must do to be successful. So, what are the new asset management challenges over the next five years? These are ours.

https://www.jdsolomonsolutions.com/post/what-are-the-new-asset-management-challenges-over-the-next-5-years

What's the Difference in Criticality and Risk in Your Asset Management Program?

One common misconception is to equate criticality and risk. Criticality is more general, and risk applies more granularly. This insight discusses the differences and how both are used in asset management programs.

https://www.jdsolomonsolutions.com/post/what-s-the-difference-in-criticality-and-risk-in-your-asset-management-program

Asset Management: When to Apply a Risk Matrix or Monte Carlo Analysis

Jab with the risk matrix and throw a heavy punch with Monte Carlo analysis. The two tools provide a powerful 1-2 punch when it comes to asset management.

https://www.jdsolomonsolutions.com/post/asset-management-when-to-apply-a-risk-matrix-or-monte-carlo-analysis

A 5-Year Autopsy: 2019 Asset Management and Reliability Predictions, Then and Now

In 2019, I predicted five asset management and reliability trends. How did I do? in this case, the best test of the prediction was that I was about to launch JD Solomon, Inc. – in other words, putting my money where my mouth was.

https://www.jdsolomonsolutions.com/post/a-5-year-autopsy-2019-asset-management-and-reliability-predictions-then-and-now

Reliability, Availability, or Dependability? Why Dependability Matters Most

Reliability, availability, and dependability all matter. In practice, dependability matters most. Key definitions and comparative discussion are provided.

https://www.jdsolomonsolutions.com/post/reliability-availability-or-dependability-why-dependability-matters-most

How Do You Define Reliability? (and a case example from Tampa)

Properly evaluating reliability resolves risk, safety, quality, compliance, and human performance. Reliability also frames a powerful and effective systems approach instead of leaving gaps by cobbling together individual assets and components. These are a few fundamentals of reliability and a case application of why it matters.

https://www.jdsolomonsolutions.com/post/how-do-you-define-reliability-and-a-case-example-from-tampa

How Context Matters in Successful Asset Management Implementation

Context matters when it comes to successful asset management implementation. Continually re-checking organizational context is one essential step. This insight provides examples, tips, and five ways to evaluate the context consistently.

https://www.jdsolomonsolutions.com/post/how-context-matters-in-successful-asset-management-implementation

Will Developing Your Strategic Asset Management Plan Fail? Here Are 10 Ways

Asset Management Plans can fail under their own weight in development. Even worse, the plans often fail in development, but the shortcomings are masked by completing the paperwork. Two case studies and the top 10 things to avoid are provided.

https://www.jdsolomonsolutions.com/post/will-developing-your-strategic-asset-management-plan-fail-here-are-10-ways

Let Us Know What You Think

Please give us your thoughts on topics we covered in 2024. Did what we saw and inspired us this year match your experience? Do you agree with the content of our insights?

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JD Solomon Inc. provides solutions for program development, asset management, and facilitation at the nexus of facilities, infrastructure, and the environment. Visit our Asset Management page for more information related reliability, risk management, resilience, and other asset management services. Subscribe for bi-monthly updates related to our firm.

Why Percentages Can Kill Your Message to Business Leaders

Default to the numbers the next time you are prepping or delivering a presentation.

So, you’re gearing up for a technical presentation and thinking about how to present your data. Percentages might seem like a go-to choice but hold on a second. Let’s chat about why they might not always be the best option.

Percentages Can Be Misleading

Saying “we fixed 90% of the software bugs” sounds impressive, right? But what if you had 10 bugs to start with? That means you only fixed 9 bugs. Percentages can sometimes hide the actual numbers, making the data seem more significant than it is.

Percentages Can Be Confusing

Not everyone is a math whiz, and throwing around percentages can make your audience's eyes glaze over. If you say "30% of users experienced a crash," some might wonder, "30% of what?" Using actual numbers is often clearer, like "300 out of 1000 users experienced a crash." This way, your audience gets a concrete idea of what you're talking about.

Sample Sizes Can Be Tricky

If you’re working with a small group, even a tiny change can result in a big percentage swing. This can skew the perception of your data.

Senior Management Needs the Raw Data

Business leaders deal with tables every day. They may not understand the technical information, but they are good at scanning tables and spotting unusual trends by instinctively calculating percentages. Citing endless amounts of percentages to this type of audience is disrespectful.

Good Practice – Avoid Percentages

Providing a secondary column with percentages and mentioning a percentage once in a while is ok. Remember to default to the actual numbers the next time you’re prepping or delivering your presentation. Your audience will understand more of your messages, and you will show them the respect they deserve.

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Founded by JD Solomon, Communicating with FINESSE is a not-for-profit community of technical professionals dedicated to being highly effective communicators and facilitators. Learn more about our publications, webinars, and workshops. Join the community for free.

Here's What AI's ChatGPT Says About the FINESSE Fishbone Diagram

ChatGPT got most of the key aspects of the FINESSE fishbone diagram correct.

It’s informative to find out how they describe your work every once in a while. Have you ever “Googled” yourself? Here is what ChatGPT says about the FINESSE fishbone diagram.

Purpose of JD Solomon’s FINESSE Fishbone Diagram

This version of the fishbone diagram emphasizes clarity, focus, and actionability in solving problems and making decisions. By systematically addressing these seven components, organizations can improve communication, eliminate distractions, and ensure solutions are well-supported and effectively implemented. It is particularly useful in strategic planning, systems thinking, and collaborative decision-making.

Here’s the full breakdown of all 7 bones in Solomon’s FINESSE framework.

The 7 Bones of JD Solomon’s FINESSE Fishbone Diagram

Frame

• Purpose: Establish the problem or situation in a clear and focused manner.

• Key Focus: Defining the issue’s scope, context, and relevance.

• Example: Setting the stage for a discussion by framing the challenge as a question: “How can we reduce employee turnover by 20%?”

  
  

Illustrate

• Purpose: Use visuals or analogies to simplify and clarify complex concepts.

• Key Focus: Providing an accessible visual representation of the issue.

• Example: Creating a flowchart to map the customer journey in a service environment.

  
  

Noise Reduction

• Purpose: Filter out irrelevant data, distractions, or unnecessary complexity.

• Key Focus: Prioritizing key data and eliminating excess information.

• Example: Highlighting critical metrics while omitting less impactful ones.

  
  

Empathy

• Purpose: Understand and address stakeholders’ perspectives, needs, and concerns.

• Key Focus: Ensuring that human factors are considered in decision-making.

• Example: Designing a project plan that accounts for team members’ workload and stress levels.

  
  

Structure

• Purpose: Organize the problem-solving process logically and systematically.

• Key Focus: Providing a clear framework for analysis and execution.

• Example: Using a step-by-step approach to implement a new software solution.

  
  

Synergy

• Purpose: Foster collaboration and alignment among team members and stakeholders.

• Key Focus: Leveraging collective strengths and diverse perspectives.

• Example: Facilitating a cross-departmental brainstorming session to address a shared challenge.

  
  

Ethics

• Purpose: Ensure solutions align with moral, ethical, and organizational values.

• Key Focus: Evaluating decisions against ethical standards and principles.

• Example: Choosing an environmentally sustainable option for sourcing materials, even if it’s slightly more costly.

  
  

Applications

JD Solomon’s FINESSE fishbone diagram is ideal for strategic decision-making, stakeholder engagement, and complex systems analysis. Balancing logical rigor with human-centric considerations provides a robust and ethical approach to tackling challenges.

Did ChatGPT Get It Right?

ChatGPT got it mostly right but, on the whole, it’s just what it is. I am a little disappointed that the examples match nothing that Communicating with FINESSE has ever cited. However, that may be more a function of my prompts (and lack of limitations) than anything on the internet.

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The majority of this article is directly cited from OpenAI’s ChatGPT. Communicating with FINESSE and the FINESSE fishbone diagram are registered trademarks of JD Solomon, Inc.

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JD Solomon is the founder of JD Solomon, Inc., the creator of the FINESSE fishbone diagram®, and the co-creator of the SOAP criticality method©. He is the author of Communicating Reliability, Risk & Resiliency to Decision Makers: How to Get Your Boss’s Boss to Understand and Facilitating with FINESSE: A Guide to Successful Business Solutions.