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SBP017: What is a Key Performance Indicator (KPI)?
Roger Knocker • January 17, 2024
SBP017: What is a Key Performance Indicator (KPI)?
What is a Key Performance Indicator?
A KPI is a measure of performance used to measure Progress towards a target / a goal / a desired state.
A KPI is different from a metric. A metric is anything that can be measured:
- Height
- Length
- Weight
- The number Sales orders
- The Value of fixed assets
A metric becomes a KPI when you link it to a goal and have a clearly defined target to pursue and evaluate against. It also needs to be assigned to someone.
Tip:
Ensure that your KPIs are aligned to goals and have clearly define targets and someone is accountable.
In the rapidly evolving world of data analytics, understanding foundational techniques is only the beginning. To truly stand out, data professionals need to go beyond the basics and leverage advanced methods that transform raw data into actionable insights. Building on Roger Knocker’s top 10 tips, this article explores advanced strategies to take your data analysis skills to the next level.
In a recent webinar, Roger Knocker, CEO of KPI Management Solutions, shared invaluable insights on extracting meaningful analysis from any data set. These strategies, honed over years of practical experience, are universally applicable—whether you're working with financial data, fitness statistics, or sales figures. Supported by research and best practices, here’s a breakdown of the 10 tips Roger presented to enhance your data analysis skills :