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Title: Stakeholders' perspectives in defining asset performance
Authors: Then, SSD
Clowes, A
Issue Date: 2004
Source: Proceedings of CIB World Building Congress 2004, Toronto, Ontario, Canada, 1-7 May, 2004, Session CIB T5S3, p. 1-9 How to cite?
Abstract: Business performance is contingent upon effective use and management of all resources to enhance competitive advantage. With the growing focus toward performance measurement, the need to measure the performance of operational assets has become more pressing, giving rise to a number of issues relating to definition and selection of asset performance indicators. For many organizations, the selection of key performance indicators (KPIs) is not considered in a structured manner. Very often the process involves a selection from a list(s) of indicators without due consideration of the stakeholders’ perspective which may vary with different time horizons with which the assets are viewed. As there are several stakeholders (owner/investor; facility/property manager; user/client; and the public/visitors) with an interest in the performance of a facility, it is important to define each stakeholder/s ‘world view’ and their relative influence on performance. Each stakeholder will see different things that are important with respect to asset performance dependent on the time horizon considered. If KPIs are directly linked to what is considered important, then different sets of KPIs will be relevant to different stakeholders according to the relevant time horizons. Typically, KPIs selection has not made this distinction, resulting in an incomplete and possibly inaccurate assessment of asset performance.
Careful ongoing monitoring of KPI’s is a key approach to optimizing (as opposed to maximizing) asset performance. Inherent contradictions between individual sets of KPI’s also mean that the assessment of asset performance is likely to attract considerable variation. The objective of this paper is to provide a conceptual framework of stakeholders’ perspectives relative to typical business time horizons and how they in turn should influence the selection of relevant and meaningful asset performance indicators. This paper will describe the methodology adopted to validate the proposed framework and results from the research will be presented at the Congress.
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