Performance measurement and management within construction firms in Saint Lucia
The dynamic and competitive business environment has motivated and compelled construction firms to implement contemporary performance measurement and management (CPMM) systems and frameworks to generate comprehensive information on their performance, and for benchmarking. The information from the CPMM framework is essential for the effective management of construction firms. The aim of this study, therefore, is to investigate performance measurement and management (PMM) within construction firms in Saint Lucia to develop a PMM conceptual framework to better measure and evaluate their business performance. The methodology of this research is based on a comprehensive literature review of PMM in general, and in construction, questionnaire survey and case study. The literature review identifies key variables of PMM, in particular the salient components of the proposed conceptual framework. The questionnaire survey was conducted among 47 construction firms in Saint Lucia to gather the quantitative data. The study uses a multi-case study of two Saint Lucian construction firms involving semi-structured interviews and document analysis to gather the qualitative data. The quantitative data were analysed using descriptive statistics analysis and factorial analysis, whilst qualitative data were analysed using thematic analysis. Furthermore, the study applies structures and semi-structured interviews for the validation of the framework. One of the main findings emerging from this study is the development of a conceptual framework, based on the Balanced Scorecard for construction firms to evaluate and manage their performance. The proposed framework contains both financial and non-financial performance measures used by Saint Lucian construction firms. Moreover, the findings reveal that Saint Lucian construction firms are using their performance measures for many different purposes such as measuring and monitoring performance, strategy management and managing risk. Furthermore, the findings provide considerable insight into the barriers to the implementation of a CPMM framework within construction firms. Having identify the barriers, the study further identifies key strategies to overcome the barriers to the successful implementation of a CPMM framework. To date, there are few studies investigating the practices of PMM in developing countries like Saint Lucia. This exploratory study contributes to filling this gap through the development of the conceptual framework for Saint Lucian construction firms to better measuring and evaluating their performance. The Study further provides a systematic understanding of the importance of PMM practice in construction firms within the context of Saint Lucia.
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