Beyond the ‘iron triangle’: Stakeholder perception of key performance indicators (KPIs) for large-scale public sector development projects

Performance measurement criteria vary from project to project. Despite much work on the subject, there is no commonly agreed framework of performance measurement on mega projects. To bridge this gap, this research targets to investigate the perception of the key performance indicators (KPIs) in the context of a large construction project in Thailand. The study explores the significance of key performance indicators in perspective of various construction stakeholders (client, consultants, and contractors). Findings indicate that the traditional measures of the iron triangle (on-time, under-budget and according to specifications) are no more applicable to measuring performance on large public sector development projects. Other performance indicators such as safety, efficient use of resources, effectiveness, satisfaction of stakeholders, and reduced conflicts and disputes are increasingly becoming important. This implies that the Thai construction industry is slowly departing from the traditional quantitative performance measurement to a rather mix of both quantitative and qualitative performance measurement on large-scale public sector development projects.