This project will create a consist approach to determine whole life value and life cycle costing and provide a benchmarking opportunity to establish how National Grid applies these techniques and methodologies. This will be achieved by evaluating and reviewing appropriate techniques currently used within National Grid to identify opportunities to enhance our knowledge and contribute to improving the way National Grid makes whole life value decisions.

Benefits

• Report on the state-of-the-art tools and techniques and challenges with a particular emphasis on quantitative and qualitative approaches.

• Report detailing National Grid's activities in the context of leaders in the field

• A two-year plan of defined techniques to be evaluated for use in the WLVF and assets to be evaluated at pilot and exemplar levels to demonstrate proof of concept. PhD Confirmation Report

• Initial evaluation of qualitative techniques and their use in the NG framework.

• Structured approach for integrating quantitative and qualitative techniques in decision-making WLVF.

• Final literature review to demonstrate the outcome, results and findings from the project with proposals and recommendations to take forward.