Learn why organizations use key performance indicators (KPIs) to summarize complex data and monitor performance on a daily basis.
- Organizations use many numbers…as they monitor performance on a daily basis.…The most important of these numbers…are called key performance indicators or KPIs.…For example, a retail store chain…might carefully track its sales per square foot.…A higher number means that the company is using its building…more efficiently to generate sales.…A high tech company might track its overall research…and development spending,…as well as the amount it spends on R&D per employee.…It makes sense for all businesses to numerically measure…and monitor customer and employee satisfaction.…
Here's a little history…about key performance indicators or KPIs.…In the 1870s, Albert Fink was an executive…for the Louisville and Nashville Railroad.…The financial panic of 1873 placed financial stress…on the railroad and caused Mr. Fink…to look closely at railroad costs.…He focused on just a few key measures,…the most prominent being the cost per ton mile,…the cost of shipping one ton of freight one mile.…Mr. Fink found that this cost varied dramatically…
In this course, join accounting professors Jim and Kay Stice as they help you discover how to leverage the power of numbers to approach businesses problems and make everyday decisions. They explore the power of ratios and percentages, how to monitor and evaluate your budget, how to forecast the timing and amount of a business loan, and much more.
- Explain the rule of 72.
- Determine net income based on wholesale and retail costs.
- Apply the appropriate methods to convert fractions to percentages.
- Define “consumer price index.”
- Identify the difference between mean and median.
- Recall how to calculate conditional and unconditional probability.
Skill Level Beginner
1. The Power of Ratios and Percentages
2. Applied Probability and Statistics
3. Numerical Planning and Measurement
4. Interest: Paying and Earning
5. The Art of Numerical Estimation
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