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Engineering assets managing businesses use a variety of information and communication technologies for process efficiency, control, and management. Nevertheless, key to all these is the effective measurement of the IT/IS utilisation for existing process such that the underperforming areas are highlighted, and corrective actions are taken to achieve optimal use of IS/IT. There are a variety of performance measurement mechanisms available that stimulate improvement efforts, in so doing helping businesses to translate perceived business strategy into action. However, these approaches are mostly aimed at high level evaluation of an organisation’s performance; whereas the stochastic nature and ever expanding scope of asset management processes demands asset managers to have a comprehensive view of asset lifecycle and the interacting business areas. This paper proposes an evaluation framework for IT/IS based asset management in an engineering enterprise. The paper firstly seeks to present a critique of the asset management paradigm. It then discusses available performance measurement mechanisms and develops a case for the constituents of an effective asset management measurement framework that provides detailed indicators for controls actions required to achieve optimal process efficiency through the use of IT/IS. The paper, then, presents an integrated asset performance measurement framework that not only is derived from business strategy, but informs strategy formulation through a closed loop learning encompassing entire asset management lifecycle.

PERFORMANCE EVALUATION FRAMEWORK FOR IT/IS BASED ASSET MANAGEMENT