Multi-Year Inland Waterway Investment Model and the Value/Consequence Ratio
DOI:
https://doi.org/10.37266/ISER.2020v8i1.pp2-8Keywords:
3-Year Predictive Budgeting Model, Value Modeling, Decision Support Interface, Value to Consequence RatioAbstract
USACE’s IWR must responsibly manage its work packages through its Operations and Maintenance (O&M) annual budget. IWR has developed several models that use data to inform investment strategies for the prioritization of work packages; however, these strategies are based on old data and not predictive in nature. Because work package ranks significantly change when applying a Value Model and Monte Carlo simulation, this research focuses on the significance of a 3-year predictive budgeting model; a model which is enabled by the National Defense Authorization Act (NDAA, 2020). This research will demonstrate a forward-looking methodology using a Value to Consequence Ratio metric (VCR) for funding work packages through a decision support interface via Microsoft’s Power BI. This paper presents the framework for USACE’s Civil Works Navigation business line and creates the potential for future work to integrate other business lines utilizing System Dynamics.References
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Durden,S., & Fredericks, J., (2009). Economics Primer: IWR Report 09-R-3. Retrieved from
https://www.iwr.usace.army.mil/portals/70/docs/iwrreports/iwrreport_09-r-3.pdf
Parnell, G. S., Driscoll, P. J., & Henderson, D. L. (Eds.). (2011). Decision making in systems engineering and management (Vol. 81). John Wiley & Sons.
Solberg, A., (2018). System Value Model. NASA. Retrieved from www.nasa.gov/consortium/SystemValueModel
USACE, (2018). Institute for Water Resources. Retrieved from https://www.iwr.usace.army.mil/About/
USACE, (2018). O&M 20/20. Retrieved from https://intranet.usace.army.mil/hq/cecw/Pages/OM2020.aspx
USACE, (2018). Our Mission. Retrieved from https://www.usace.army.mil/
United States Government Accountability Office, (2018). Inland Waterways: Actions Needed to Increase Budget
Transparency and Contracting Efficiency. Retrieved from https://www.gao.gov/assets/700/695255.pdf
Wilby, B., Asberry, J., Griffith-James, J., Houle, J., & Schreiner, J. (2019). Utility to the Nation: An Investment Strategy for our Inland Waterways. Industrial and Systems Engineering Review, 7(1), 9-15.
116th Congress, (2020). National Defense Authorization Act for Fiscal Year 2020. Retrieved from https://www.congress.gov/116/bills/s1790/BILLS-116s1790enr.pdf
Published
2021-03-06
How to Cite
Robinson, M., Lefors, F., Capp, J., Laporte, G., & Schreiner, J. (2021). Multi-Year Inland Waterway Investment Model and the Value/Consequence Ratio. Industrial and Systems Engineering Review, 8(1), 2-8. https://doi.org/10.37266/ISER.2020v8i1.pp2-8
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