Performance evaluation is where the rubber meets the road in asset management. After defining value through objectives, reconciling it in the SAMP, and delivering it through AMP execution in MAG #6, an organization must determine whether the intended value was actually realized. This is the role of MAG #7 – Performance Evaluation and Reporting.
This article launches a four-part miniseries on value generation through MAG #7. We begin with the fundamentals of performance evaluation — what it is, why it matters, and how it is structured under an ISO 55001-conforming Asset Management System. Subsequent articles will address continual improvement, integrated performance across the four management domains, and the directional, journey-like nature of value generation.
