Key Performance Indicators or KPIs are a measure or a metric system by which the performance of the employees are tracked. They are quantifiable measurements that help project managers to navigate their way through a project and lead the way for the company’s growth and success. Mostly, the KPIs are pre-determined. However, at times, companies get them wrong, either by trying to measure every aspect of someone’s performance, setting incorrect KPIs, or by adopting a set of KPIs that everyone else is using; instead of setting the one that suits their project.
All in all, KPI management needs a serious thought before being put into use.
Essential KPIs That Matter
These are the KPIs that every project manager needs to know. The project KPI framework is classified in different categories.
KPIs for Measuring Customers and Understanding Their Needs
KPIs for Measuring and Evaluating the Financial Performance
KPIs for Measuring the Internal Processes
It is not necessary that all these KPIs are needed in every project. Project managers need to select those that would fulfill their strategies to the maximum, address all the project targets and goals, and focus on project success criteria. So, it is time that they revise their list of KPIs and enlist the ones that would prove the most beneficial to them.