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Published in:
2015 | OriginalPaper | Chapter
54. Value-Focused Thinking: An Approach to Structure Company Values for Asset Risk Management
Authors : T. E. van der Lei, A. Ligtvoet
Published in: Proceedings of the 7th World Congress on Engineering Asset Management (WCEAM 2012)
Publisher: Springer International Publishing
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Abstract
For public and semipublic organizations, the use of risk assessment matrices is becoming a standard approach for asset management decisions. The risk matrix allows companies to assess the chance and effects of different risks with respect to proposed investment decisions. When the values in the risk matrix reflect the company values, the risk matrix allows for investment decisions to be made in line with these values and even for further strategic decision making. In this paper, we describe how a hierarchy of values can be used to uncover the core values of a company. These values are often shared by the people in a company and are institutionalized in core documents, such as the strategic vision or annual reports. We describe an approach in which we used value-focused thinking [1] for the systematic elicitation of company values to determine the aggregation level of the values represented in the asset risk matrix of the Port Authority of Rotterdam (PoR).