In today-s modern world driven by technology, the demand for electricity is increasing at a rapid speed. With increase in demand, the electricity generation firms are required to boost up their production capacity and are also expected to deal with challenges like minimizing costs and environmental hazards. KPIs in this regard help in identifying and analyzing those critical measures that would improve the different processes involved in electricity generation. The KPIs are categorized in four different perspectives of a balanced scorecard. The four perspectives are financial, operation, customer and environmental concerns, and employee and training,Financial perspective measures the various costs involved in electricity production. The KPIs included are operational expenses, maintenance cost, fuel cost and % change in total cost.The KPIs in operation perspective are % increase in production capacity, % increase in capacity utilization, equivalent forced outage factor and amount of carbon dioxide generated. Operation perspective is responsible for the performance of operations or processes that result in growth of the firm. Customer and environmental concern is accountable for the measures taken by the firms to satisfy their customers and to comply with the environmental policies. It consists of KPIs like, % of service targets met, number of reliability measures, % change in customer density and number of regulatory penalties.Employee and training perspective ensures that processes are safe for the employees and there is no hazard to their life. This perspective consists of KPIs like number of injury incidents, number of technical training sessions, number of process related training sessions and number of employee benefits schemes available.
Read Why do business professionals choose ready-to-use KPIs? to find out the answers to these questions:
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It goes without saying that electricity production is a cumbersome task as huge capital investment and manpower is needed to run the giant electricity plants required for the task. Owing to the large scale funding needed for this job, accountability too moves up in parallel fashion. This is to say that the stakeholders associated with this subject are more than interested in knowing about the well-being of the organization's state.
The management in the business of electricity generation has to be spotless to make sure that residents receive their share of power supply in an uninterrupted way. Also, the environmental concerns associated with such operations keep coming back time and again.
To take all these aspects of power generation together in one go, one should bring a useful and effective strategy into use. This can take the form of balanced scorecard with relevant metrics listed on it. This tool can be utilized for any future reference to know whether the organization is on right track or not. The 'measurable' thought adopted by this strategy is what helps it win over the other tracking mechanisms and stand out in the crowd.
Saying it all, electricity manufacturing can be made possible with BSC beside you.
This is the actual scorecard with Electricity Production Performance Indicators and performance indicators. The performance indicators include: electricity production, financial perspective, operational expenses, maintenance cost., fuel cost, % change in total cost, operation perspective, % increase in production capacity, % increase in capacity utilization, equivalent forced outage factor, amount of carbon dioxide generated, customer and environmental concerns, % of service targets met, number of reliability measures, % change in customer density, number of regulatory penalties, employee and training perspective, number of injury incidents, number of technical training sessions, number of process related training sessions, number of employees benefits schemes available.
Download a trial version of Electricity Production Evaluation Balanced Scorecard or purchase a full version online.
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