RISK4SEA Benchmarking Methodology
One of the main functions of Risk4Sea is the benchmarking procedure for Companies and Ports. User may review a series of parameters compared between Companies review the status of his/hers own Company. Additionally he/she may review the status of a Port from PSC perspective and the comparison parameters between different Ports.
Tools for Benchmarking
As all Riks4Sea tool is based on PSC results, the benchmarking main parameter is the ADR (Average Deviation Rate). This is the overall and most important KPI to compare ships, companies, ports & countries, taking into consideration ship types, age and tonnage by indicating the % deviation against the corresponding industry standard. This factor is the average of the four key KPIs (DPI, DER, DIR, FDR) calculated for Countries, Ports, Companies and vessels, as they are compared with the Adjusted Global Average. The average of percentage deviation is called Average Deviation Rate and gives the status of overall performance compared with global statistics. For demonstration purposes, please note that a smaller number will indicate better performance.
An important information for the ADR is that it is a result of KPI’s comparison with Adjusted Global Average. The tables used to extract the AGA are formed with strict criteria taking into account the selected period, the type,size,age of the inspected vessels (or managed vessels). For example in a port the same PSC results for two operators managing different types of vessels produce different results as the performance of these types is calculated separately in the Port.
So when user chooses to benchmark Companies the main parameter that is used to determine the position of the Company is the ADR. Same when the user chooses to benchmark Ports.
An important factor for benchmarking is that the Risk4Sea has implemented settings in order to avoid unfair benchmarking. So user may compare only same sized Companies and same sized Ports. Additionally Companies with similar fleet may be benchmarked only. For example a Tanker Operator is benchmarked against other Tanker Operators.
In order to have a sufficient sample of data to be conduct the benchmarking periods only greater than 4Qs are permitted.
Company Benchmark Report
The User may choose up to 3 Companies to be benchmarked and compared. Choosing the first Company (by name or IMO number), automatically the remaining two options for Company’s selection is from the same size pool. For Example if User selects a Company which is considered to be Large Company (in respect of number of managed vessels) then the Companies list which he/she is allowed to be benchmarked with includes only Large Companies. The same restrictions are implemented if more filters are chosen (vessel type, size, age).
Port Benchmark Report
The User may choose up to 3 Ports to be benchmarked and compared. Choosing the first Port (by name), automatically the remaining two options for Port’s selection is from the same size pool. For Example if User selects a Port which is considered to be Large Port (in respect of number of inspections conducted during last calendar year) then the Port list which he/she is allowed to be benchmarked with includes only Large Ports. The same restrictions are implemented if more filters are chosen (vessel type, size, age).