Quantitative approach for project performance measurement on building construction in South Korea

In general, the performance of a particular construction project can be evaluated by how many of the project goals are achieved in terms of cost, time, quality, safety, environment, and so forth. However, in the construction industry, which is characterized as project specific, a clear delineation of scope of performance is absent, and the standard procedure and operations are not fully developed. Thus, it is very difficult to assess an overall performance level of a constructed project in a reasonable manner. The objective of this research is to define a quantitative performance measurement system and establish the evaluation criteria by identifying 18 key performance indicators, focusing on residential building projects. Based on the performance assessment methodology, 22 project cases have been collected for comparative analysis and have been evaluated to determine whether the system is applicable to the potential projects. The set of identified performance indicators is also useful in developing a customized performance measurement system for a particular type of project. The research findings are expected to encourage the project stakeholders to develop a performance-based project control system, thereby enhancing their level of satisfaction.