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February 1, 2011

Owners and contractors: Key Metrics Improve Performance

The selection and use of the right key performance indicators during capital-intensive projects can benefit all stakeholders

Cosimo Cannalire Technip Italy S.p.A.

Throughout the chemical process industries (CPI), project owners often track key performance indicators (KPIs) to ensure that all participants are able to attain or improve important performance objectives associated with their investments. By developing incentives and penalties that are tied to specific KPIs, owners are able to measure, and in some cases reward achievements attained by a given contractor during both the front-end loading (FEL) and execution of the project. This article addresses the rules for establishing which types of incentives should be used in each project stage, and discusses some of the advantages and disadvantages of the parameters presented....

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