Critical appraisal of performance measurement in value management

Performance measurement is urgently required in value management (VM) studies to improve decisionmaking processes and to ensure returns of investment on VM studies. The performance of VM studies must be properly and promptly measured to meet the limited budget and time. This paper introduces different views on VM studies and its implications on performance measurement. It also critically appraises different performance measurement approaches. Single-criterion measurement, multi-criteria measurement, and benchmarking approaches are introduced and analyzed. The links between the views and approaches are then discussed. To fulfil the requirements of performance measurement of VM studies, the proposed framework should possess several distinct features. A theoretical foundation for performance measurement is formed to develop a coherent performance measurement framework for VM studies.