Development of a benchmarking framework for pharmaceutical capital projects

Bon-Gang Hwang, Stephen Thomas, Deborah Degezelle and Carlos Caldas

Construction Management and Economics, 2008, vol. 26, issue 2, 177-195

Abstract: Benchmarking is a proven technique for improving project performance and, as such, is a critical component of any mature project delivery system. Competitive benchmarking requires industry-specific metrics in absolute terms since processes vary by industry, and any metrics used within a single industry must be attuned to its particular processes. A framework is developed for evaluating pharmaceutical capital facility projects using metrics specific to the characteristics of these unique projects. Establishment of the framework made possible the development of a set of industry-specific metrics and a flexible data collection and reporting system for measuring project performance. Preliminary findings from an initial sample of 40 pharmaceutical projects confirm that meaningful industry-specific metrics can be produced for pharmaceutical capital facilities benchmarking. Developing such a framework enables the industry to measure project performance more accurately, get meaningful project performance comparisons, and ultimately establish credible norms for project performance.

Keywords: Benchmarking; pharmaceutical project; project management; project performance (search for similar items in EconPapers)
Date: 2008
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Citations: View citations in EconPapers (1)

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DOI: 10.1080/01446190701802398

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