From the course: Excel: Implementing Balanced Scorecards with KPIs
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Defining key performance indicators (KPIs)
From the course: Excel: Implementing Balanced Scorecards with KPIs
Defining key performance indicators (KPIs)
- [Instructor] One of the central tasks of creating a balanced scorecard is defining a set of key performance indicators. Key performance indicators or KPIs are performance targets. So let's take a look at KPIs in a little bit more detail. KPIs are specific, measurable goals. Key performance indicators are important information about your business and they indicate or should indicate how well your business is doing. What that means is that KPIs are directly tied to the theory of the business. Your balanced scorecard represents your best guess about what you need to do for your business to thrive. So your KPIs should reflect that. They should also reflect goals within each of the four perspectives, financial, customer, internal business process and learning and growth. You should also design your KPIs so that they incentivize desired behavior on the part of your employees and with luck, if you have designed your KPIs…
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