If You Can’t Measure It, You Can’t Manage It– Peter Druker, Management Thinker
What are Metrics?
Google says metrics are :
- The use or study of poetic meters; prosody. That’s not what I had in mind. The second definition is a little more fitting.
- A method of measuring something, or the results obtained from this.
That’s a little more like it! Metrics are a method of measuring something your business does (or doesn’t do), or the results obtained from measuring this. So metrics can be objectives your company creates, or standards generally accepted by your industry.
My Metric For Success- Contract Receipt and Review
Whether it’s dollar signs or something more intangible like security or flexibility, what is one metric you’re optimizing for?
My Metric for Success for the element of Contract Receipt and Review, as Government Property Administrator/Asset Management Professional, is to review newly awarded contracts within a reasonable time (for example within 45 days).
Reviewing contracts in a timely fashion allows me the ability to identify contractual requirements before contract performance takes place. Some examples of requirements include special marking provisions, customer reports, listing of furnished property (i.e. Tooling, Equipment and Material).
Contract Receipt and Reviews Metrics for Success
Analyze number of contracts reviewed. Acquire a list of contracts 
awarded to the company within a specified timeframe, and verify that the contract was reviewed.
First, define what is a ‘reasonable time.’ Then, validate whether the contracts were reviewed within the ‘reasonable time.’ Compare how long it took to review each contract and identify potential reasons for any deficiencies (contracts reviewed outside of the reasonable time) and ways the can be improved (if feasible).
Here’s and excerpt an article titled “Does Your Property System Account For New Contracts and Modifications? Here’s Why it Should!” published by the National Property Management Association’s (NPMA) The Property Professional magazine.
So Where Does It Say I have To Review Each Contract?
Fundamentally speaking, you’d be hard-pressed to adequately administer a contract if you’ve never read the contract in the first place. Often times during discussions you will hear someone ask “It Depends. What does the contract say?” If you haven’t reviewed the contract in the first place, you may be missing important requirements such as reports, or you may be missing special clauses.
What’s the Impact?
Failure to receive and review contracts/modifications prohibits the Asset Management professional from adequately meeting clausal requirements. The absence contract reviews may increase contract costs and affect delivery schedules due to inconsistent execution of contract requirements.
What Does a Contract Review Look Like?
Contract reviews (either pre-award or post award) does not have to be a painstaking task. First, the property professional should identify whether the contract has Government property implications. Is there any property furnished, fabricated, acquired? Reading the contract’s statement of work can help identify what exactly the contractor’s responsibilities are.
I then recommend asking yourself a series of questions, or create a quick checklist to help you through the decision tree.
First, identify what type of contract are you reviewing? This will help you identify if Government property may be in the contract. For example, a firm fixed price supply contract will likely NOT have Government property furnished or acquired. By comparison, a Cost Plus Fixed Fee Research and Development Contract will likely allow the contractor to purchase property, which will become Government property. Failing to identify what type of contract your company is awarded can leave to adequately managing Government property in your possession.
What are your metrics for success?
We’d love to hear about them. Comment below and thanks for sharing!
Until next time,
~Viva