Performance Measurement For Construction Businesses
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Performance Measurement For Construction Businesses
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Author : Aryani Ahmad-Latiffi
language : en
Publisher:
Release Date : 2012
Performance Measurement For Construction Businesses written by Aryani Ahmad-Latiffi and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012 with categories.
Measurement of performance is important to the construction sector as an additional way of improving and sustaining competitiveness in the long-term. Most large construction organisations in the United Kingdom (UK) practise performance measurement because they believe it affects their business positively in the longer-term. Performance measurement is thus, recognised as an important way of keeping an organisation on track in achieving its strategic objectives. However, there are still construction organisations that believe performance measurement does not aid in creating and developing appropriate strategies for their organisations, but helps organisations in identifying areas where they did or did not perform well. The improvements in performance thus, can only be brought about through step-by-step strategic guidance to organisations to achieve their performance targets. The first step towards achieving these targets comprises the following: understand the performance measurement process of organisations, and identify the appropriate criteria that need to be measured to improve business; identify strengths and opportunities, which in turn can create a way to maximise profits for an organisation. Such an approach would help organisations target relevant performance measurements and embed them in their organisational strategy in a structured step-by-step manner. Premised on the foregoing, this research project aims to investigate potential tools for improving performance measurement practices in the construction industry. In addition, this research aims to assist organisations in implementing performance measurement in a proper manner and to help them understand the performance measurement process. The first step (objective 1) of this research is to review the generic body of literature in performance measurement to understand key concepts, definitions and existing practices and identify commonly used performance measurement tools. It is noted that there are several definitions of performance measurement. However, at its basic level, performance measurement is a process of determining how successful organisations or individuals have been in attaining their objectives and strategies. To achieve this, the outputs of an organisation's strategic and operational processes are measured in a quantifiable form; the results are used to monitor closely the performance of the organisation, internally and externally. Findings of the review (and later those of objectives 2 and 3) reveal that the Balanced Scorecard (BSC) and the European Foundation for Quality Management (EFQM) Excellence Model are the two most widely known and used tools, in all sectors including construction, to measure an organisation s performance. Semi-structured interviews (objectives 2 and 3) were conducted with performance measurement directors and managers in large UK construction companies. The interviews revealed that performance measurement is being practised in organisations directly or indirectly to help improve businesses and profits. The purpose of interviews was to seek the organisations views on how they approach and conduct performance measurement and derive benefits from it. All organisations agreed that the financial aspects such as profit margins and growth, as well as non-financial aspects such as health and safety and customer satisfaction are important criteria to be measured. Both financial and non-financial criteria need to be considered and included in an organisation's strategy; they are important considerations for any future strategy development. Findings of the interviews and the literature review suggest the best way to create an organisation's strategy as the following: understand the performance measurement process of organisations and identify the appropriate criteria, which need to be measured to improve business; identify strengths and opportunities, which in turn can create a way to maximise profits for an organisation. This led to the development of a Framework (also called the Performance Measurement Migration Path) (objective 4), which would help organisations target relevant performance measurements and embed them in their organisational strategy in a structured step-by-step manner. Its implementation in organisations can make performance measurement processes easy and smooth. Evaluation (objective 5) of the framework confirms its suitability and acceptability to industry players for the use in improving the implementation of performance measurement.
Performance Measurement For Construction Profitability
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Author : Clive Thomas Cain
language : en
Publisher: John Wiley & Sons
Release Date : 2008-04-15
Performance Measurement For Construction Profitability written by Clive Thomas Cain and has been published by John Wiley & Sons this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008-04-15 with Technology & Engineering categories.
Performance measurement is the mechanism by which firms informthemselves of their true performance and locate unnecessary coststhrough the supply chain. These can then be converted intosubstantially higher profits in a carefully targeted improvementprogramme. If the construction industry is to meet the performanceimprovements demanded by end users, and to replicate the efficiencyand profitability gains of other sectors, it urgently needs toaddress formal performance measurement. Aimed at all those at the sharp end in every sector of theconstruction industry, including clients and end users, this willbe a highly practical, easy to read guide, focusing strongly on theday-to-day needs of managers at all levels. Using the everydaybusiness language of construction firms, it explains how to set upand run performance measurement, self-assessment and benchmarkingsystems. It is comprehensive and informative with plenty ofreal-life examples and most importantly, tells you what to dodifferently on Monday.
The Development Of Key Financial Performance Indicators For U K Construction Companies
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Author : Mohamed A. Hegazy
language : en
Publisher:
Release Date : 2014
The Development Of Key Financial Performance Indicators For U K Construction Companies written by Mohamed A. Hegazy and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014 with categories.
Over the past decade, the significance of business performance measurement has spread across various industries. The UK construction industry has been criticized for its underachievement and a number of industry reports (i.e. the Egan (1998) and Latham (1994) reports) have emphasized the need for performance measurement. As a result, the Construction Best Practice Program-Key Performance Indicators (CBPP-KPI) was launched for performance measurement. Additionally, an industry-wide benchmarking model which was created to enable construction companies to benchmark their performance was criticized since it focuses only on project level measures. This research develops financial industry norms for UK construction companies. A set of Key Financial Performance Indicators (KPI's) is developed based on a survey of performance measurement and benchmarking techniques in the accounting literature. A benchmarking model based on financial KPI's is produced for construction companies to benchmark and evaluate their business performance at corporate level. A record sheet and a set of financial guidelines for companies to improve their performance were developed. Two case studies of contractors were presented showing the advantages and disadvantages of the developed model. Radar and Wall charts showed how each contractor can compare its performance with the U.K industry norms directing management to areas requiring significant improvement. Future research should continue to develop elements of the financial KPI's and assess the application of the developed benchmark model to other industries and investigate weaknesses associated with its application.
Measuring Performance For Business Results
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Author : M. Zairi
language : en
Publisher: Springer Science & Business Media
Release Date : 2012-12-06
Measuring Performance For Business Results written by M. Zairi and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-12-06 with Business & Economics categories.
Financial measures have traditionally been the cornerstone of the perform ance measurement system. In recent years, there has been a shift from treating financial figures as the foundation for performance measurement to treating them as one among a broader set of potential financial measures. Changes in cost structures and the manufacturing and competi tive environment have been responsible for the change of emphasis. In today's worldwide competitive environment companies are compet ing in terms of product quality, delivery, reliability, after-sales service and customer satisfaction. None of these variables are measured by traditional financial measures, despite the fact that they represent the major goals of world-class manufacturing companies. By focusing mainly on financial variables there is a danger that the performance reporting system will motivate managers to focus exclusively on cost reduction and short-term profitability and ignore many of the critical factors that determine long-term business success. The key to success, in today's global economy, is total customer satisfaction. To achieve this, companies must develop performance measures that drive employees to control processes that satisfy customer expectations. In particular, performance measures should provide process-level information that motivates employees to achieve the responsiveness and flexibility that companies require to compete on a global basis. Responsiveness is achieved by building relationships that lead to satisfied customers, suppliers and employees. Flexibility is achieved by reducing output variation in proceSfes; for example, the reduction of lead times and delays are both necessary for sustained competitive excellence and long-term profitability.
Key Performance Indicators To Measure Design Performance In Construction
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Author : Nasma Budawara
language : en
Publisher:
Release Date : 2009
Key Performance Indicators To Measure Design Performance In Construction written by Nasma Budawara and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with categories.
The performance of the design activities for a construction project can have a significant impact on the overall performance and efficiency of the project. Design activities need to be monitored to measure performance of the design process. Performance indicators can be used in this process. The Indicators can: i) measure the degree of success of a project or organization; ii) predict, control and measure the performance of design processes; iii) benchmark performances of different projects within the same- company or with other firms; iv) track and demonstrate long-term development and improvement, thereby decreasing design and construction cost and time and increasing the quality of the design product. In the context of Canada, specific construction performance indicators to assess construction project performance across project phases have yet to be formulated and documented. Therefore, there is a need to develop such indicators for the Canadian consulting engineering. From this perspective, the present research introduces practical framework and describes a model that measure the performance of the design activities for Canadian construction projects. The main objectives of this research are the following: i) to identify key indicators that affect the design performance of construction projects; ii) to develop a model for Key Performance Indicators (KPIs) to measure the performance of design activities in the Canadian construction industry; and iii) to examine the possibility of their use in the construction industry. The methodology adopted for this research is based on review of the existing literature on design processes, review of the existing literature on design performance indicators, questionnaire surveys, interviews with practitioners, and case studies. The questionnaires along with the interviews with designers and managers from the Canadian consulting engineering are mainly conducted to explore and indentify indicators affecting the design performance. The case studies are used to validate and amend the use of these indicators in measuring project performance at the design stage. A web-based questionnaire aimed at design and construction firms was constructed. The significance and the quantification of design performance indicators are determined using a statistical package. The results from the questionnaire were used to develop a generic set of nine groups of design performance indicators for the Canadian consulting engineering. However, this research focuses on the heavy construction sector. The nine groups of indicators have been compared in pairs to identify their level of importance to each other. Experts from heavy construction participated in the pairwise comparisons task. Built on the results of the survey and experts judgment, a Model for Design Performance Measurement (MDPM) is introduced. The MDPM uses the standard Analytic Hierarchy Process (AHP) method to assign weights to the scores of the selected indicators, to measure a project performance and to compare projects. The MDPM is tested for small scale heavy constructions. The developed design performance measurement model can 1) predict, track, and control future performance, 2) highlight area/s for future improvement, 3) enable companies to benchmark the performance of different projects from the same or different companies, and 4) document all design performance data.
Benchmarking The Performance Of Design Activities In Construction
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Author : Robert J. Dent
language : en
Publisher:
Release Date : 2004
Benchmarking The Performance Of Design Activities In Construction written by Robert J. Dent and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004 with Architectural design categories.
This publication describes the work that CIRIA has undertaken to investigate the key issues relating to performance measurement of design activities carried out by construction companies in the UK.
Understanding Organisational Culture In The Construction Industry
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Author : Vaughan Coffey
language : en
Publisher: Routledge
Release Date : 2010-01-28
Understanding Organisational Culture In The Construction Industry written by Vaughan Coffey and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-01-28 with Business & Economics categories.
Using the construction industry as the subject of his research, Vaughan Coffey investigates the culture/performance link using a new measure of company performance and an evaluation of organizational culture which is largely behaviourally-based.
Delivering Better Business By Performance Measurement
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Author : Rethinking Construction (Firm)
language : en
Publisher:
Release Date : 200?
Delivering Better Business By Performance Measurement written by Rethinking Construction (Firm) and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 200? with Benchmarking (Management) categories.
Performance Measurement And Management Within Construction Firms In Saint Lucia
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Author : S. J. Sonson
language : en
Publisher:
Release Date : 2019
Performance Measurement And Management Within Construction Firms In Saint Lucia written by S. J. Sonson and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019 with categories.
Performance Measurement System
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Author : Fei Deng
language : en
Publisher:
Release Date : 2015
Performance Measurement System written by Fei Deng and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015 with categories.