Evidence-Based Decision-Making Archetype

AMP Newsletter Series - Mastering Asset Management Decisions

This article introduces the Evidence-Based Decision Making Archetype in the Asset Management Decision-Making Archetypes micro-burst of the Mastering Asset Management Decisions series.

Topics Covered in this Article:

• ISO 55001’s requirements for evidence in asset management decision-making and assurance.

• Definition and foundational role of the Evidence-Based Decision-Making archetype in building trust and operational relevance.

• Citations from US Federal policies, including the Evidence Act of 2018, and OMB implementation guidance.

• Integration of evidence-based practices into the AM Framework through data, performance metrics, and continual improvement.

• Practical applications for risk management, assurance, and adaptive learning across AM Framework MAGs.

• Relationships and synergies between evidence-based decision-making and the value-based and objective-based archetypes

Learning Objectives:

• Understand ISO 55001’s integration of evidence for performance evaluation, assurance, and decision-making within the AM Framework.

• Define evidence-based decision-making and its distinction from intuition-based methods, emphasizing its role in trust and assurance.

• Recognize key US Federal and OMB policies promoting evidence-based practices, with ties to asset management.

• Explore how evidence is embedded in AM Framework MAGs to inform assessments, planning, execution, and reporting.

• Appreciate the archetype’s validator function in refining value-based and objective-based decisions for iterative improvement.

• Identify benefits like enhanced accountability, risk mitigation, resilience, and organizational learning through evidence application.

Key Takeaways:

• Evidence-Based Decision-Making uses empirical data and feedback to validate choices, assure outcomes, and drive continual improvement, grounding decisions in facts.

• It is mandated by US Federal laws like the Evidence Act of 2018, with OMB guidance requiring agency plans and roles to build data-driven capabilities.

• The AM Framework incorporates evidence across MAGs for performance monitoring, risk alignment, plan execution, and maturity enhancement.

• This archetype acts as the validator, providing feedback to refine value-based (outcomes) and objective-based (strategies) archetypes in a holistic cycle.

• Embedding evidence fosters trust, reduces biases, optimizes resources, and transforms asset management into a resilient, strategic discipline.

• Mastering the full archetype pantheon equips executives to bridge tactical asset care with enterprise success through data-informed decisions.