Track record in the construction industry
A track record is a history of past performance or accomplishment – or lack of it – the totality of which may give a third party a good idea of the future performance potential of the subject in question. The term derives from the racetrack, an athlete who has won many races is said to have a ‘good track record’ and converse will be the case if they have lost more races than they have won. Also, an athlete may have the ‘track record’ for the 400m hurdles, meaning they hold the record for the fastest time to complete that event.
A ‘track record’ (whether good or bad) may usually be ascertained from one of the following and may allow a prediction to be made on future potential:
- Past performance in various events or situations (e.g the work of an architect);
- A curriculum vitae (CV);
- Statistics or a table of results.
This may be used as one of a number of selection criteria used when assesseing potential suppliers for construction projects. Other criteria might include:
- Price.
- Relevant experience.
- Understanding of the requirements.
- Technical skills.
- Availability.
- Management skills.
- Proposed methodology.
- Compliance with the requirements of the submission process.
- Financial standing.
[edit] Related articles on Designing Buildings Wiki
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- Key performance indicators.
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- Due diligence when selecting contractors or subcontractors
- Invitation to tender.
- Most Economically Advantageous Tender (MEAT).
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- Procurement route.
- Tender evaluation.
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