An illustrative example embodiment of an elevator system includes a plurality of components respectively configured for at least one function during operation of the elevator system. A plurality of sensors are each associated with at least one of the components. Each sensor senses at least one characteristic of an actual performance of an associated one of the components. A processor is configured to receive respective indications from the sensors regarding the actual performance of the associated components, determine a difference between the actual performance and a desired performance of any of the components based on the respective indications, and determine an adjustment to the operation of the elevator system based upon the determined difference.