Power systems incrementally and continuously upgrade their components, such as transmission lines, reactive capacitors, or generating units. Decision-making tools often support the selection of the best set of components to upgrade. Optimization models are often used to support decision making at a given point in time. After certain time intervals, re-optimization is performed to find new components to add. In this paper, we propose a decision-making framework for incrementally updating power system components. This is an alternative approach to the classical sequential re-optimization decision making for an investment problem with modeled budget constraints. Our approach provides a priority list as a solution with a list of new components to upgrade. We show that i) our framework is consistent with the evolution of power system upgrades, and ii) in particular circumstances, both frameworks provide the same solution if the problem satisfies submodularity property.We have selected the problem of phasor measurement unit localization and compared the solution with the classical sequential re-optimization framework. For this particular problem, we show that the two approaches provide close results, while only our proposed algorithm is applicable in practice. The cases of 14 and 118 IEEE buses are used to illustrate the proposed methodology.