What does 'level of service' evaluate in terms of asset management performance?

'Level of service' evaluates how well an asset performs in meeting the expectations and needs of its users. Primarily, this measure focuses on customer satisfaction with the service provision. It encompasses various dimensions such as the quality, reliability, and accessibility of the service provided by the asset. A high level of service indicates that users are receiving a satisfactory experience, which is crucial for maintaining stakeholder confidence and support.

While financial return on investment, operational efficiency, and compliance with safety regulations are important aspects of asset management, they do not directly reflect the user's perception or satisfaction with the service output. Instead, 'level of service' is fundamentally about understanding user needs and experiences, making it a critical component of effective asset management performance evaluation.