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Tag Archives: Performance Management Framework
Introducing the Power By The Hour Approach
In designing a Performance Management Framework (PMF) for a new Performance Based Contract (PBC) the team asked about using a “Power by the Hour”™ approach and asked my opinion. Given the general similarity between Power by the Hour and PBC … Continue reading
Perverse Incentives – Part 2
In the previous article (see Perverse Incentives – Part 1) I discussed why PBC practitioners need to be aware of the potential for perverse incentives in our PBC arrangements. In this article let’s look at how PBC practitioners, both buyers and … Continue reading
Reliability in Performance Based Contracts (PBCs) – Part 2
In the previous article (see Reliability in PBCs – Part 1) we defined how reliability of a system or service could be used in a Performance Based Contract (PBC) including defining whether we were measuring success or failure, and whether … Continue reading
Treatment of Safety in a Performance Based Contract
One topic that has constantly come up over the years is how to treat safety in a Performance Based Contract (PBC). In a previous article (see Designing Successful Performance Based Contracts) we described a PBC as having two main parts; … Continue reading
Performance Based Contracting (PBC) Incentive Regime (Part 2)
In the previous article (see PBC Incentive Regime (Part 1)) I described the various benefits to both buyer and seller of having an incentive regime in a Performance Based Contract (PBC). In this article, let’s look at how to successfully … Continue reading
Process for Developing a Performance Based Contract (PBC)
Many years ago when preparing to teach a 1-day Performance Based Contracting (PBC) workshop it occurred to me that while we had an 8-step process for developing it wasn’t entirely accurate. In fact of the 100+ PBC that I have … Continue reading
Changing Performance Measures
I recently read an article by Robert Wolcott in the Harvard Business Review (HBR) titled “Don’t be Tyrannized by Old Metrics”. The article discussed the virtue of companies continuously reviewing, and where necessary, changing performance measures especially where there was … Continue reading
The Role of a Performance Measure
“Measurement is the first step that leads to control and eventually to improvement. If you can’t measure something, you can’t understand it. If you can’t understand it, you can’t control it. If you can’t control it, you can’t improve it. … Continue reading
PBC Penalty Shoot-Out!
In recent months I have been involved in a number of Performance Based Contracting (PBC) discussions between buyers and sellers. One consistent point of heated discussion is around the application of a reduction in seller payment as part of the … Continue reading
History of Behavioural Economics
For those you have read my thoughts on the use of Behavioural Economics as a method of optimising our approach to Performance Based Contracting (PBC) (see earlier posts on Is Your Contract Fun? and Designing Successful PBCs) I wanted to … Continue reading
