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Questions and Answers
Which of the following best describes a Key Performance Indicator (KPI)?
Which of the following best describes a Key Performance Indicator (KPI)?
- A measure used to capture a measurement in your business
- A measure used to measure progress towards achieving strategic goals (correct)
- A measure used to quantify performance in a timely and accurate manner
- A measure used to track your organization's performance
How do we select KPIs?
How do we select KPIs?
- Based on the company's goals expressed by the mission and vision (correct)
- Based on the company's financial performance
- Based on the company's customer satisfaction
- Based on the company's internal processes
Which of the following is NOT a criterion for selecting KPIs?
Which of the following is NOT a criterion for selecting KPIs?
- Easily quantifiable
- Connected to objectives and overall strategy
- Influence/drive change
- Relevant in the future (correct)
Why are KPIs important?
Why are KPIs important?
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What does KISS stand for in the context of KPIs?
What does KISS stand for in the context of KPIs?
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What is the purpose of a KPI?
What is the purpose of a KPI?
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Why are KPIs important?
Why are KPIs important?
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Which of the following is NOT a criterion for selecting KPIs?
Which of the following is NOT a criterion for selecting KPIs?
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What does KPI stand for?
What does KPI stand for?
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What does the acronym KISS stand for in the context of KPIs?
What does the acronym KISS stand for in the context of KPIs?
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Study Notes
Key Performance Indicators (KPIs)
- A Key Performance Indicator (KPI) is a measurable value that demonstrates how effectively an organization is achieving its objectives.
Selecting KPIs
- KPIs should be selected based on their relevance, accuracy, completeness, and ability to drive change.
Criteria for Selecting KPIs
- Relevance: Is the KPI aligned with organizational goals?
- Accuracy: Is the data accurate and reliable?
- Completeness: Does the KPI provide a comprehensive view?
- Ability to drive change: Does the KPI inspire action and improvement?
Importance of KPIs
- KPIs are important because they help organizations define and achieve their goals, track progress, and make informed decisions.
KISS Principle
- KISS stands for Keep it Simple, Stupid, emphasizing the importance of keeping KPIs simple, clear, and actionable.
Purpose of a KPI
- The purpose of a KPI is to provide a quantifiable measurement of performance, enabling organizations to evaluate progress towards their objectives.
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