What is a KPI? What are KPIs? Key Performance Indicators

Learn all the basics of Project Management, in a structured program: https://geni.us/PM_CoreCourses A Key Performance Indicator (KPI) is one of your most important quantifiable measures of progress toward your intended outcome. We link KPIs to the achievement of business, portfolio, program, or project objectives. Therefore, KPIs help to focus your work on delivering the strategic or operational improvements you need. Peter Drucker’s famous quote reminds us that: ‘What gets measured gets managed.’ Performance indicators give us targets to work towards. They can be either statements of what we want, or they can stand in for the outcomes we actually want but cannot measure easily. These are Proxy Indicators. KPIs can also be either leading or lagging indicators • Leading Indicators give us a measure that predicts future outcomes • Lagging Indicators give us a measure, after the event, of how successful we have been. What Makes a Good KPI? Good KPIs: • Provide objective evidence of progress towards achieving a desired outcome • Measure the right things to help inform better decision-making. • Linked directly to strategic imperatives • Allow us to assess how performance changes over time • Track the things that matter to us, • Are defined in a way that is Significant, Measurable, Achievable, Relevant, Trackable, Ethical, Supported, and Time-bound The Questions You Need to Ask, to Define Your KPIs • What are your desired outcomes? • Why do we want this outcome? • How can you influence each outcome? • Who is responsible for the business outcome? • How can you measure progress? • When will you review progress towards the outcome? • How will you know you’ve achieved your outcome? • Who needs to know about and understand your KPIs? • What is the cycle for reviewing and updating the KPIs you work to? Recommended Videos Carefully curated video recommendations for you: 🎬 What are Project Objectives?    • What are Project Objectives? Project Manag...   🎬 What are OKRs?    • What are OKRs? Project Management in Under 5   🎬 What is the Iron Triangle? Time, Cost, Quality, Scope??    • What is the Iron Triangle? Time, Cost, Qua...   🎬 What is the Agile Triangle - Value, Quality, and Constraints    • What is the Agile Triangle - Value, Qualit...   🎬 What is a Project Goal?    • What is a Project Goal? Project Management...   🎬 What are Project Outcomes? And how are they different from outputs or objectives?    • What are Project Outcomes? And how are the...   🎬 What are Project Benefits?    • What are Project Benefits?   A while back, I asked Project Managers in a couple of forums what material things you need to have, to do your job as a Project Manager. They responded magnificently. I compiled their answers into a Kit list. https://kit.co/MikeClayton/what-a-pro... Note that the links are affiliated. For more great Project Management videos, please subscribe to this channel:    / @onlinepmcourses   For all our great Project Management articles and resources, please check out the OnlinePMCourses website: https://onlinepmcourses.com/ For basic Management Courses - free training hosted on YouTube, with 2 new management lessons a week, check out our sister channel, Management Courses:    / managementcourses   For more of our Project Management videos in themed collections, join our Free Academy of Project Management: https://onlinepmcourses.com/free-acad... #Project #ProjectManagement #KPI