What are Key Performance Indicators?
A
measurable value that demonstrates how effectively an institution is
achieving its long – term strategic goals. These metrics are used to
determine a company's progress in achieving its strategic and
operational goals, and also to compare a company's finances and
performance against other businesses within its industry.
One way to evaluate the usefulness of a KPI is to utilize the SMART criteria.
- Is your objective Specific?
- Can you Measure progress towards that goal?
- Is the goal realistically Attainable?
- How Relevant is the goal to your organization?
- What is the Time-frame for achieving this goal?
KPI examples