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Measuring the Performance of a Strategic Asset Management Plan through a Balanced Scorecard

Author

Listed:
  • José Edmundo de-Almeida-e-Pais

    (Lusófona University, RCM2+ Research Centre for Asset Management and Systems Engineering, Campo Grande, 376, 1749-024 Lisboa, Portugal
    CISE—Electromechatronic Systems Research Centre, University of Beira Interior, 6201-001 Covilhã, Portugal)

  • Hugo D. N. Raposo

    (Instituto Superior de Engenharia de Coimbra, Polytechnic Institute of Coimbra, RCM2+ Research Centre in Asset Management and System Engineering, 3030-199 Coimbra, Portugal)

  • José Torres Farinha

    (Instituto Superior de Engenharia de Coimbra, Polytechnic Institute of Coimbra, RCM2+ Research Centre in Asset Management and System Engineering, 3030-199 Coimbra, Portugal)

  • Antonio J. Marques Cardoso

    (CISE—Electromechatronic Systems Research Centre, University of Beira Interior, 6201-001 Covilhã, Portugal)

  • Svitlana Lyubchyk

    (Lusófona University, RCM2+ Research Centre for Asset Management and Systems Engineering, Campo Grande, 376, 1749-024 Lisboa, Portugal)

  • Sergiy Lyubchyk

    (Lusófona University, RCM2+ Research Centre for Asset Management and Systems Engineering, Campo Grande, 376, 1749-024 Lisboa, Portugal)

Abstract

The purpose of this paper is to propose a tool to measure the performance of a Strategic Asset Management Plan (SAMP) based on a Balanced Scorecard (BSC). The SAMP converts organizational objectives into asset management objectives, as well as specifies the role of the asset management system, providing support to achieve asset management objectives. The SAMP becomes the heart of the organization and integrates the long-term, medium-term, and short-term plans. In the SAMP, the balance among performance, costs, and risks are taken into consideration in order to achieve the organization’s objectives. On the other hand, the SAMP is a guide to set the asset management objectives while describing the role of the Asset Management System (AMS) in meeting these objectives. Since the SAMP is the central figure of AMS, it is important to measure its performance and should be built and improved through an iterative process. This indicates that it is not just a document, it is “the document” that should be treated as a “living being”, which needs to adapt to internal and external changes quickly. The BSC is an excellent tool where, through the appropriate Key Performance Indicators (KPIs), the progress can be measured, and is supported by four perspectives: Financial, Customer, Internal Business Process, and Learning and Growth.

Suggested Citation

  • José Edmundo de-Almeida-e-Pais & Hugo D. N. Raposo & José Torres Farinha & Antonio J. Marques Cardoso & Svitlana Lyubchyk & Sergiy Lyubchyk, 2023. "Measuring the Performance of a Strategic Asset Management Plan through a Balanced Scorecard," Sustainability, MDPI, vol. 15(22), pages 1-19, November.
    • Handle: RePEc:gam:jsusta:v:15:y:2023:i:22:p:15697-:d:1275718
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