Comprehensive Performance Expression Model for Industrial Performance Management and Decision Support

Abstract

Due to proliferation of evaluation criteria and decision data overflow in nowadays fluctuating industrial environments, it is necessary to build a holistic, easy-to-use and efficient methodology for performance evaluation and decision making. More accurate overall performance expressions should not only prove that the selected decision alternative better fits the evaluator’s objective at the time of evaluation, but it should also assume that this alternative remains the best solution in the subsequent evaluation periods. To this end, the benefit-cost-value-risk (BCVR) methodology has been developed for performance evaluation and decision support. The objective of this paper is to propose a comprehensive performance expression model to further ease the application of the methodology.