Company experience, external benchmarking, and application of best practices all contribute to improved capital efficiency and reduced cycle time. Combining these practices with a value-driven decision structure yields a powerful method to advance a business opportunity from inception through completion. Many upstream petroleum companies are using, or developing, this type of method to improve reservoir characterization and development practices. Through direct experience in a variety of operational situations in the Gulf of Mexico, a five-step generic decision model evolved that is straightforward, intuitive, and scalable. The initial definitions of the opportunity, assessment of value, decision-makers, deliverables, and assignment of accountability to advance the opportunity to the next decision point are core to the project. The result is a customized road map from opportunity identification to postimplementation evaluation of results. Any business-process change within an active production operation is likely to meet organizational resistance. Unlike previous initiatives, however, this process has been well-received, primarily because it establishes a usable plan developed by the individuals directly responsible for advancing the business opportunity. We have been directly involved in a variety of applications, including complicated infrastructure retrofit projects, pipeline riser repairs, owner- and nonowner-operated development projects, well planning, and operation-support activities. The majority of applications are tangible, real-world situations that all operators routinely face. Each application contributed to the evolution of the model. Lessons learned are presented, including cases that illustrate and reinforce essential principles of the process. Conclusions, in the form of quantified financial and technical results, are also presented.