Key Performance Indicators
KPI Discovery Sessions
Some management teams will have very good ideas on the critical measurements that
drive their business, others will not, but most management teams will need some
form of guided sessions to discover or select a set of KPIs that are most relevant
to their business. These "KPI Discovery" sessions can be half day sessions or longer
as required and go through the process of brainstorming, grouping together, selecting
and finally defining KPIs.
The process of actually defining the KPIs goes into some detail including the KPI
definition, the target, the source of data, the frequency of measurement, the frequency
of reporting and the quality of data recorded. Some KPIs are very important to the
success of a business but are very difficult of time consuming to collect data on.
Decisions are made as to which KPIs are to be used - based on their importance,
their cost of measurement and their accuracy of measurement.