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Questions about Benchmarking

  1. What is a scorecard?
  2. What is a benchmark?
  3. What is a trend analysis?
  4. Can I benchmark two of my vessels against each other?
  5. Can I benchmark against a single vessel of company X?
  6. OK, single vessel data of competitors is not available. But can I benchmark against industry averages?
  7. Industry averages are of limited value to me. Can I benchmark against vessels with certain criteria?

Answers

  1. What is a scorecard?

    A scorecard is the classical way to visualise KPIs by listing each KPI:

    • The name of the KPI
    • The value of the current period
    • The value of the previous period
    • The change in percentage (usually together with a visual indicator)

    Additionally the values are colour coded against targets defined by the user.


  2. What is a benchmark?

    A benchmark compares the KPIs and SPIs of individual ships or fleet of ships. In order for a benchmark to be available the ships contributing must be either your own ships or follow the rule of three (ie. at least 10 ships from 3 different owners). This access restrictions are enforced by the Shipping KPI System in order to avoid a user access individual ship data of a different company.

  3. What is a trend analysis?

    A trend analysis looks at either individual ship or fleet of ship data over time, ie. several quarters. Naturally trend analysis requires the presence of historical data and again the rule of three will be enforced.

  4. Can I benchmark two of my vessels against each other?

    Yes, that is one of the basic functionality. You can benchmark and compare data of individual ships as long as they belong to your account.

  5. Can I benchmark against a single vessel of company X?

    No, benchmarks of individual ships is only possible if they belong to your own account. Ship data of other accounts are only made available as aggregates (averages, min, max) and only, if the rule of three is satisfied (at least 10 ships of 3 different owners).

  6. OK, single vessel data of competitors is not available. But can I benchmark against industry averages?

    Yes, exactly industry averages are available.

  7. Industry averages are of limited value to me. Can I benchmark against vessels with certain criteria?

    You can narrow down the ships to be used for calculating industry averages, by applying specific filter criteria based on ship attributes. Example: age, size, flag, ship type etc.

    In this manner you compare apples with apples and not apples with bananas.


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