During the implementation of the asset management plan, the performance of the asset management plan and the performance and/or condition of assets and/or asset systems are assessed through collecting information and data (see section 2.1) and evaluating levels of service as defined in the performance framework (see section 1.4). Measuring current performance, which should be reported through various means, allows the organization to compare actual and expected performance by identifying any existing gaps. Gap analysis, in conjunction with performance reviews and benchmarking, are used in determining actions to be implemented if the current performance falls below the organization’s requirements or if ways to improve the efficacy and efficiency of the asset management approach are identified. The performance monitoring process is depicted in figure 2.2.1.
A performance gap in the monitoring process is the difference between the current performance of an asset and the expected performance reported in the management plan.