Key Performance Indicators (KPI)

Key Performance Indicators (KPI) – Is a performance measurement applied by an organisation to set a standard for, and to evaluate, the success of a range of individual activities. These may be undertaken as projects or processes within any of the specialist departments. KPIs may also relate inputs to outputs, whether quantitative or qualitative, across different departments. SMART is an acronym to check how useful the data collection and reporting mechanisms of any KPI are to the management of the organisation. This means the measure should have a Specific purpose for the business, be Measurable, its defined norms should be Achievable, improving the KPI should be Relevant to the success of the organisation, and the value or outcomes should be reported over a predefined and relevant period of Time.