1. Asset Information Quality Handbook Handbook for the management of Asset information Quality Draft E :diagnostics/ :transformation/ :investment planning/ :portfolio optimisation/ :investment economics/ :regulation and economics/ :training/ 11 May 2011 Tim Watson WSUG Feedback and Review

2. Page : 2 © ICS Consulting Ltd 2011 Background http://theiam.org/en/products_services/sector-specific- guidance/asset-information-quality-handbook--draft-for-member- consultation.cfm http://theiam.org/en/products_services/sector-specific- guidance/asset-information-quality-handbook--draft-for-member- consultation.cfm Effective asset management depends upon a reliable and sustainable source of good quality asset information. As engineers develop tools and techniques to optimise the whole life of their asset base, in turn, the demand for qualitative asset information will continue to grow. Links in to PAS55

3. Page : 3 © ICS Consulting Ltd 2011 Structure of handbook

4. Page : 4 © ICS Consulting Ltd 2011 Maximising the value of data Data Quality is free: It’s not a gift, but it’s free. What costs money are the unquality things – all the actions that involve not getting data quality right the first time and all the actions to correct these data quality issues. - Adapted from “Quality is Free”, Philip B.Crosby Minimise cost Maximise benefit Several case studies Where do we fit in here? Statisticians? Data Scientists?

5. Page : 5 © ICS Consulting Ltd 2011 Data Quality and Governance Accuracy Completeness Validity Consistency Uniqueness Accessibility Is this complete?

6. Page : 6 © ICS Consulting Ltd 2011 Review – Look and feel The document is excellent in that it covers just about everything to varying degrees of thoroughness. The document as a whole is well-presented and very visually attractive. Well set out. The lighter tone and friendlier style than a traditional report, particularly in the early chapters, is to be commended. Several clear diagrams. Several case studies.

7. Page : 7 © ICS Consulting Ltd 2011 Review – Gaps The document would benefit from a section highlighting the different ways of communicating data and how this influences the perception of data quality. The Asset Management Cycle represents a business process which is applicable to managing data. If the document could better highlight this then it would strengthen the Asset Management brand. More on data storage More detail in places

8. Page : 8 © ICS Consulting Ltd 2011 Review – challenges and improvements A bit more depth needed (is this appropriate?) Lack of statistical rigour – example in quantifying uncertainty Balance between the benefit of more data versus cost Are data attributes right? – usefulness, provenance, communicating,... OFWAT confidence grades as good practice? How do you value data? Data infill techniques Missing data / elicitation techniques

9. Page : 9 © ICS Consulting Ltd 2011 Summary Excellent document that targets the general data user and highlights key considerations Maybe a bit more depth in places? Maybe not appropriate What is the value of statistics and where can we add value?