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New Software Tools to Help Decision-Makers Get Better Value-for-Money

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Fuseworks Media
Fuseworks Media
New Software Tools to Help Decision-Makers Get Better Value-for-Money

1000Minds released today a new version of their award-winning decision-support software. The new version includes tools to help private sector and government decision-makers get better ‘value-for-money’ when allocating scarce resources across competing alternative uses.

1000Minds, which runs on the Internet, guides decision-makers through a simple process to arrive at their weights for the decision criteria used to prioritise the alternatives they are considering. The alternatives are scored according to the criteria and weights and then they are ranked (prioritised) by their ‘total scores’. 

The new version of 1000Minds released today allows users to explicitly compare the alternatives’ total scores (representing their ‘value’) against their prices/costs (or resource requirements, more generally). This is graphically represented via 1000Minds’ new charting feature (see the example on the next page). This enables decision-makers to think more carefully about the value-for-money of the alternatives, and to allocate their budgets accordingly.

1000Minds CEO and Director Dr Paul Hansen said the company developed the new tools with the current recession in mind, and the government’s declared pursuit of ‘high-quality’ public sector expenditure, as well as recent high-profile decisions such as by the Dunedin City and Otago Regional Councils to fund the Dunedin Stadium.

“Especially now when available resources and budgets are even more stretched than usual, wringing as much value-for-money from spending decisions is very important. We created the new tools to help with making such decisions in a more systematic and transparent fashion, and in a way that can be easily communicated to all stakeholders.”

Obvious potential users of the new tools include government agencies deciding how best to spend their budgets, and city or regional councils prioritising projects in their annual plans. Other users could include businesses investing in new initiatives, community trusts deciding which community projects to support, research funders (e.g. Health Research Council) allocating research money, and District Health Boards prioritising their budgets (e.g. Swine Flu preparations versus more elective surgery).

“The overall objective is to help decision-makers maximise the bang-for-buck from scarce resources”, says Hansen. “We believe our new tools will help achieve this.”

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