Lin, G; Shen, G Q; Sun, M and Kelly, J (2011) Identification of key performance indicators for measuring the performance of value management studies in construction. Journal of Construction Engineering and Management, 137(9), pp. 698-706. ISSN 0733-9364
Abstract
Value management (VM) is widely regarded as a useful tool for management to meet the challenges, such as limited resources and tight schedules arising in the construction industry. A rigorous measurement on the performance of VM studies is likely to improve the implementation of the VM methodology and enhance the confidence of clients about their investment in VM. The identification of key performance indicators (KPIs) is an essential first step in developing a proper performance measurement framework. This paper aims to identify the KPIs for measuring the performance of VM studies in construction. Delegates of international VM conferences hosted by SAVE International and Hong Kong Institute of Value Management during the period 2005 to 2007 were used as the target group for a questionnaire survey. The survey results identified 18 KPIs out of 47 potential performance indicators. They are divided into three groups: predicting indicators, process-related indicators, and outcome-related indicators, according to their characteristics. Three principal components were identified by using factor analysis of the KPIs, which reveals the interrelationship among the KPIs. Details on how to implement these KPIs, such as data providers, weightings, and scoring methods, are also presented.
| Item Type: | Article |
|---|---|
| Uncontrolled Keywords: | measurement; performance characteristics; questionnaires; value engineering |
| Index terms: | key performance indicator, Hong Kong, performance measurement, conference, value management, factor analysis, construction industry, implementation, performance indicator, survey, value engineering, questionnaire, methodology |
| Subjects: | contractual arrangements, project delivery, data collection methods, research dissemination and communication, value management, industry analysis, statistical analysis, management, performance measurement, research methods, performance management, Geography |
| Topics: | Research Practice, Geographical Context, Project Management, Cost Management, Procurement, Quality Management, Value Management |
| Descriptive scope: | 5 PCTEA |
N.B. Descriptive scope is a count of how many of the five facets of empirical research are indicated by the words used in title, abstract and keywords. It is not intended as a judgement on the research; merely a count of the kind of word we would expect to indicate Phenomenon, Concepts, Theoretical framing, Empirical techniques, Analytical techniques. If all five are present, then a code of “5 PCTEA” will indicate this. If you feel the coding for this record is questionable, we welcome discussion around the terms we matched or the way we categorized them. The facet you would expect may not be coded, or a facet may be coded inappropriately. This can also bear on a larger question, of which facets should be treated as defining in construction management research. Please get in touch, and we will look at it. More details here