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Identification and Prioritization of Key Performance Indicators for the Construction Small and Medium Enterprises

Year 2022, Volume: 33 Issue: 5, 12635 - 12662, 01.09.2022
https://doi.org/10.18400/tekderg.977849

Abstract

The central purpose of this study is to propose a set of key performance indicators (KPIs) to measure the performance of construction small and medium enterprises (SMEs) that have been ignored in the performance management literature so far. Secondly, this study aims to determine the most crucial KPIs by using the fuzzy VIKOR method to improve cost-effectiveness in the performance measurement of construction SMEs. At the first stage of this study, KPIs proposed by the existing studies were identified via a literature survey. Then, the KPIs extracted from the literature survey were verified, and eight new KPIs were proposed as a result of focus group discussions with 12 participants who are owners/managers of construction SMEs. Additionally, the Balanced Scorecard (BSC) was modified in line with the needs of construction SMEs, and each KPI was grouped into a BSC perspective. A questionnaire survey followed this grouping to gather data associated with the KPIs. Based on these data, KPIs were prioritized by using the fuzzy VIKOR. It is found out that external indicators such as “effectiveness of monitoring market conditions” are determined as the most important KPIs, in contrast to the findings in the studies about large-scale companies. Furthermore, “Attracting new customers”; “Reliability of financial performance” and, “Competency of managers” are identified as important indicators. Four KPIs proposed by experts during the focus group discussion are placed among the most important KPIs, which highlights the need for a specific performance measurement system (PMS) for construction SMEs.

References

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  • Horta, I. M., Camanho, A. S., and Da Costa, J. M.Performance assessment of construction companies integrating key performance indicators and Data Envelopment Analysis. J. Constr. Eng. Manag., 136, 5, 581–594, 2010.
  • Hudson Smith, M., and Smith, D.Implementing strategically aligned performance measurement in small firms. Int. J. Prod. Econ., 106, 2, 393–408, 2007.
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  • Kaplan, R. S., and Norton, D.The Balanced Scorecard. Harvard Business School Press, Boston1996.
  • Karwowski, W., and Mital, A.Applications of approximate reasoning in risk analysis. Appl. Fuzzy Set Theory Hum. Factors, 227–2431986.
  • Kennerley, M., and Neely, A.Measuring performance in a changing business environment. Int. J. Oper. Prod. Manag., 23, 2, 213–229, 2003.
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Identification and Prioritization of Key Performance Indicators for the Construction Small and Medium Enterprises

Year 2022, Volume: 33 Issue: 5, 12635 - 12662, 01.09.2022
https://doi.org/10.18400/tekderg.977849

Abstract

The central purpose of this study is to propose a set of key performance indicators (KPIs) to measure the performance of construction small and medium enterprises (SMEs) that have been ignored in the performance management literature so far. Secondly, this study aims to determine the most crucial KPIs by using the fuzzy VIKOR method to improve cost-effectiveness in the performance measurement of construction SMEs. At the first stage of this study, KPIs proposed by the existing studies were identified via a literature survey. Then, the KPIs extracted from the literature survey were verified, and eight new KPIs were proposed as a result of focus group discussions with 12 participants who are owners/managers of construction SMEs. Additionally, the Balanced Scorecard (BSC) was modified in line with the needs of construction SMEs, and each KPI was grouped into a BSC perspective. A questionnaire survey followed this grouping to gather data associated with the KPIs. Based on these data, KPIs were prioritized by using the fuzzy VIKOR. It is found out that external indicators such as “effectiveness of monitoring market conditions” are determined as the most important KPIs, in contrast to the findings in the studies about large-scale companies. Furthermore, “Attracting new customers”; “Reliability of financial performance” and, “Competency of managers” are identified as important indicators. Four KPIs proposed by experts during the focus group discussion are placed among the most important KPIs, which highlights the need for a specific performance measurement system (PMS) for construction SMEs.

References

  • Ali, H. A. E. M., Al-Sulaihi, I. A., and Al-Gahtani, K. S.Indicators for measuring performance of building construction companies in Kingdom of Saudi Arabia. J. King Saud Univ. - Eng. Sci., 25, 2, 125–134, 2013.
  • Aragón‐Sánchez, A., and Sánchez‐Marín, G.Strategic orientation, management characteristics, and performance: A study of Spanish SMEs. J. small Bus. Manag., 43, 3, 287–308, 2005.
  • Bacalan, R., Cupin, M., Go, L. A., Manuel, M., Ocampo, L., and Govind, M.The Incubatees’ Perspective on Identifying Priority Enabling Factors for Technology Business Incubators. Eng. Manag. J., 31, 3, 177–192, 2019.
  • Banham, H. C.External environmental analysis for small and medium enterprises (SMEs). J. Bus. Econ. Res., 8, 10, 19–26, 2010.
  • Bannock, G., and Peacock, A.Government and Small Business. Sage Publications Ltd., London1989.
  • Baños-Caballero, S., García-Teruel, P. J., and Martínez-Solano, P.Working capital management, corporate performance, and financial constraints. J. Bus. Res., 67, 3, 332–338, 2014.
  • Bassioni, H. A., Price, A. D. F., and Hassan, T. M.Performance measurement in construction. J. Manag. Eng., 20, 2, 42–50, 2004.
  • Beatham, S., Anumba, C., Thorpe, T., and Hedges, I.KPIs: A critical appraisal of their use in construction. Benchmarking An Int. J., 11, 1, 93–117, 2004.
  • Belghitar, Y., and Khan, J.Governance mechanisms, investment opportunity set and SMEs cash holdings. Small Bus. Econ., 40, 1, 59–72, 2013.
  • Bourne, M., Franco-Santos, M., Micheli, P., and Pavlov, A.Performance measurement and management: A system of systems perspective. Int. J. Prod. Res., Taylor & Francis, 56, 8, 2788–2799, 2018.
  • Budayan, C., Okudan, O., and Dikmen, I.Identification and prioritization of stage-level KPIs for BOT projects – evidence from Turkey. Int. J. Manag. Proj. Bus., 13, 6, 1311–1337, 2020.
  • Buser, M., and Carlsson, V.Is anybody home? The role of company websites for small building contractors in Sweden. Proccedings 30th Annu. ARCOM Conf., Association of Researchers in Construction Management, Portsmouth, 977–9862014.
  • Chan, A. P. C., and Chan, A. P. L.Key performance indicators for measuring construction success. Benchmarking An Int. J., 11, 2, 203–221, 2004.
  • Chan, T. K.Measuring performance of the Malaysian construction industry. Constr. Manag. Econ., 27, 12, 1231–1244, 2009.
  • Cheng, E. W. L., and Li, H.Construction partnering process and associated critical success factors: Quantitative investigation. J. Manag. Eng., 18, 4, 194–202, 2002.
  • Construction Excellence.UK Industry Performance Report2017.
  • Cox, R. F., Issa, R. R. A., and Ahrens, D.Management’s perception of key performance indicators for construction. J. Constr. Eng. Manag., 129, 2, 142–151, 2003.
  • Cui, C., Liu, Y., Hope, A., and Wang, J.Review of studies on the public–private partnerships (PPP) for infrastructure projects. Int. J. Proj. Manag., Elsevier Ltd and Association for Project Management and the International Project Management Association, 36, 5, 773–794, 2018.
  • Dainty, A. R. J., Ison, S. G., and Briscoe, G. H.The construction labour market skills crisis: the perspective of small–medium‐sized firms. Constr. Manag. Econ., 23, 4, 387–398, 2005.
  • Department for Business Innovation & Skills.Business Population Estimates 20122012.
  • Fernandes, K. J., Raja, V., and Whalley, A.Lessons from implementing the balanced scorecard in a small and medium size manufacturing organization. Technovation, 26, 5, 623–634, 2006.
  • Fitzgerald, L., Johnston, R., Brignall, T. J., Silvestro, R., and Voss, C.Performance measurement in service businesses. Chartered Institute of Management Accountants London1991.
  • Garengo, P., Biazzo, S., and Bititci, U. S.Performance measurement systems in SMEs: A review for a research agenda. Int. J. Manag. Rev., 7, 1, 25–47, 2005.
  • Garengo, P., and Bititci, U.Towards a contingency approach to performance measurement: an empirical study in Scottish SMEs. Int. J. Oper. Prod. Manag., 27, 8, 802–825, 2007.
  • Gomes, C. F., Yasin, M. M., and Lisboa, J. V.Benchmarking competitive methods and strategic choices of Portuguese SMEs. Benchmarking An Int. J., Emerald Group Publishing Limited, 16, 6, 729–740, 2009.
  • Gul, M., Ak, M. F., and Guneri, A. F.Pythagorean fuzzy VIKOR-based approach for safety risk assessment in mine industry. J. Safety Res., 69, , 135–153, 2019.
  • Gupta, H.Evaluating service quality of airline industry using hybrid best worst method and VIKOR. J. Air Transp. Manag., Elsevier Ltd, 68, , 35–47, 2018.
  • Horta, I. M., Camanho, A. S., and Da Costa, J. M.Performance assessment of construction companies integrating key performance indicators and Data Envelopment Analysis. J. Constr. Eng. Manag., 136, 5, 581–594, 2010.
  • Hudson Smith, M., and Smith, D.Implementing strategically aligned performance measurement in small firms. Int. J. Prod. Econ., 106, 2, 393–408, 2007.
  • Institution of Civil Engineering.Blockchain Technology in The Construction Industry: Digital Transformation for High Productivity2018.
  • Johnson, H. T.The search for gain in markets and firms: A review of the historical emergence of management accounting systems. Accounting, Organ. Soc., 8, 2–3, 139–146, 1983.
  • Kagioglou, M., Cooper, R., and Aouad, G.Performance management in construction: a conceptual framework. Constr. Manag. Econ., 19, 1, 85–95, 2001.
  • Kaplan, R. S., and Norton, D.The Balanced Scorecard. Harvard Business School Press, Boston1996.
  • Karwowski, W., and Mital, A.Applications of approximate reasoning in risk analysis. Appl. Fuzzy Set Theory Hum. Factors, 227–2431986.
  • Kennerley, M., and Neely, A.Measuring performance in a changing business environment. Int. J. Oper. Prod. Manag., 23, 2, 213–229, 2003.
  • Kolehmainen, K.Dynamic Strategic Performance Measurement Systems: Balancing Empowerment and Alignment. Long Range Plann., Pergamon, 43, 4, 527–554, 2010.
  • Lee, P. T. W., and Yang, Z.Multi-Criteria Decision Making in Maritime Studies and Logistics. Springer, Switzerland2018.
  • Li, X., Segarra Roca, P., and Papaoikonomou, E.SMEs’ responses to the financial and economic crisis and policy implications: an analysis of agricultural and furniture sectors in Catalonia, Spain. Policy Stud., 32, 4, 397–412, 2011.
  • Lin, C. T., Chiu, H., and Chu, P. Y.Agility index in the supply chain. Int. J. Prod. Econ., 100, 2, 285–299, 2006.
  • Lin, Q.-L., Liu, L., Liu, H., and Wang, D. J.Integrating hierarchical balanced scorecard with fuzzy linguistic for evaluating operating room performance in hospitals. Expert Syst. Appl., 40, 6, 1917–1924, 2013.
  • Liu, A., Xiao, Y., Lu, H., Tsai, S. B., and Song, W.A fuzzy three-stage multi-attribute decision-making approach based on customer needs for sustainable supplier selection. J. Clean. Prod.2019.
  • Liu, H. J., Love, P. E. D., Smith, J., Irani, Z., Hajli, N., and Sing, M. C. P.From design to operations: a process management life-cycle performance measurement system for Public-Private Partnerships. Prod. Plan. Control, 29, 1, 68–83, 2018a.
  • Liu, J., Love, P. E. D., Davis, P. R., Smith, J., and Regan, M.Conceptual framework for the performance measurement of Public-Private Partnerships. J. Infrastruct. Syst., 21, 1, 04014023, 2015.
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There are 94 citations in total.

Details

Primary Language English
Subjects Civil Engineering
Journal Section Articles
Authors

Ozan Okudan 0000-0001-7816-2761

Cenk Budayan 0000-0002-8433-2824

Yusuf Arayıcı 0000-0001-5705-2272

Publication Date September 1, 2022
Submission Date August 3, 2021
Published in Issue Year 2022 Volume: 33 Issue: 5

Cite

APA Okudan, O., Budayan, C., & Arayıcı, Y. (2022). Identification and Prioritization of Key Performance Indicators for the Construction Small and Medium Enterprises. Teknik Dergi, 33(5), 12635-12662. https://doi.org/10.18400/tekderg.977849
AMA Okudan O, Budayan C, Arayıcı Y. Identification and Prioritization of Key Performance Indicators for the Construction Small and Medium Enterprises. Teknik Dergi. September 2022;33(5):12635-12662. doi:10.18400/tekderg.977849
Chicago Okudan, Ozan, Cenk Budayan, and Yusuf Arayıcı. “Identification and Prioritization of Key Performance Indicators for the Construction Small and Medium Enterprises”. Teknik Dergi 33, no. 5 (September 2022): 12635-62. https://doi.org/10.18400/tekderg.977849.
EndNote Okudan O, Budayan C, Arayıcı Y (September 1, 2022) Identification and Prioritization of Key Performance Indicators for the Construction Small and Medium Enterprises. Teknik Dergi 33 5 12635–12662.
IEEE O. Okudan, C. Budayan, and Y. Arayıcı, “Identification and Prioritization of Key Performance Indicators for the Construction Small and Medium Enterprises”, Teknik Dergi, vol. 33, no. 5, pp. 12635–12662, 2022, doi: 10.18400/tekderg.977849.
ISNAD Okudan, Ozan et al. “Identification and Prioritization of Key Performance Indicators for the Construction Small and Medium Enterprises”. Teknik Dergi 33/5 (September 2022), 12635-12662. https://doi.org/10.18400/tekderg.977849.
JAMA Okudan O, Budayan C, Arayıcı Y. Identification and Prioritization of Key Performance Indicators for the Construction Small and Medium Enterprises. Teknik Dergi. 2022;33:12635–12662.
MLA Okudan, Ozan et al. “Identification and Prioritization of Key Performance Indicators for the Construction Small and Medium Enterprises”. Teknik Dergi, vol. 33, no. 5, 2022, pp. 12635-62, doi:10.18400/tekderg.977849.
Vancouver Okudan O, Budayan C, Arayıcı Y. Identification and Prioritization of Key Performance Indicators for the Construction Small and Medium Enterprises. Teknik Dergi. 2022;33(5):12635-62.