ABSTRACT
Designing a PM control system involves utilisation of performance measurement systems (PMS), including benchmarking. However, there must be systems within the PMS to ensure targets/metrics or benchmarking processes are sufficiently flexible to accommodate change. Accountability is high among many private sector organisations. Indeed, stakeholders such as shareholders, the capital markets and regulators all require effective PM controls. The role of regulation within the UK rose to prominence in the early 1990s, when many of the utilities were subjected to the privatisation process. Great Britain's energy market came under intense scrutiny during the period 2012-15, with the general public expressing anger at the rising prices of 'necessity goods', such as gas and electricity. Benchmarking literature has also recognised that the timing of the benchmarking is critical to the success of the tool. The most important aspect of external data sources, when designing internal PM systems is to ensure that a system is flexible enough to withstand change.
