1.4.2 Why performance management is needed?

Performance management is functional to the achievement of the following objectives:

• Provide a systematic approach to measure progress in the implementation of asset management;
• Enable auditing and monitoring of the delivery of the asset management strategy;
• Demonstrate how funding is being used effectively to meet stakeholder needs;
• Provide the link between corporate vision, asset management strategy and maintenance operations;
• Facilitate effective communications with stakeholders by demonstrating performance against their requirements;
• Demonstrate any shortfalls in funding.