Managing Performance in Asset Management with Scott Kelley
In this episode of the weekly podcast, the guest Scott Kelley explains the 5th cell of the Hexcellence Model. All of the previous cells of this hexagon are connected to each other and are equally important when it comes to getting the superior asset management outcomes. But when it comes to achieving optimum results for the company some sort of performance measures must be done and each of the factors involved in determining the performance level must be taken care of. Not only that you need to understand these factors deeply, you need to relate them to your baselines for budget and time as well. In this way, you will be able to meet the expectations and standards that ultimately lead to focused improvements in the long run. Now, these measures will change the behavior of your organization. So, you have to be careful while using any metrics for measurement to get those numbers that will determine the behavior of your people. A good performance metric is always balanced to avoid any counter-productive outcomes. You can create as many metrics as you want but unless those are aligned with your strategic goals, they won’t be of any help at all. That’s why all the metrics that you use should be fit for purpose—meaning that look at the overall picture and make the indicators in a comparative fashion if you want those to make sense.
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