Performance dash board: Measuring and monitoring contract risk status by using 5X5 matrix
Business Support group is one of a section under Maintenance Support Department that responsible to provide and to monitor contract to support field operation.A certain amount of budget has been approved and every three 3 years the contract should be renewal.The contract renewal or extension proces...
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| Main Author: | |
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| Format: | Conference or Workshop Item |
| Language: | English |
| Published: |
2014
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| Subjects: | |
| Online Access: | http://repo.uum.edu.my/15961/1/P34.pdf http://repo.uum.edu.my/15961/ http://stmlportal.net/ictom04/TOC.html |
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| Summary: | Business Support group is one of a section under Maintenance Support Department that responsible
to provide and to monitor contract to support field operation.A certain amount of budget has been approved and every three 3 years the contract should be renewal.The contract renewal or extension processes have to follow the standard serial process from start to end that need a certain time.Six months up to one year is needed to process a contract from start to end. There are 23 contracts that should be extended and monitored regularly to make sure the continuity of the program.The contract will be expired if budget that has been approved or time duration is expired.A simple modified 5 x 5 priority matrix is developed to monitor the contract status by displaying the three variable relationship between current contract budget remaining , current contract time duration and renewal contract serial process status .Severity is considered to be the severity of the contract status.The purpose of a matrix is to identify the renewal contract process related to current contract status.This status is divided into three category that high priority, medium priority and low priority.These bands are often allocated colors such as red for the highest risks to green for the lowest.Sometimes each band in a matrix is allocated a numerical value or range.The multiplication of budget remaining or duration implies a quantitative basis. A shift of emphasis from the high priority assessment stage to the medium or low status may lead to better and more timely decision making and better use of resources.If the status is high a quick action must be executed.The performance or of the up dated contract status or the severity is used as a simply indicator for performance dash board of business support group performance that responsible to provide contract continuously |
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