Key Performance Indicators (KPIs)

 

What Are KPIs?

KPIs, key performance indicators, are metrics that organizations select to measure their progress. There can be organization-wide KPIs, project-level KPIs, or even individual KPIs. 

Not only do KPIs allow organizations to track their performance, but they also help establish clear benchmarks. Taking the time to carefully construct KPIs can help ensure that expectations are transparent.

In order to come up with KPIs, you should think about what your goals are. You should also consider how you will measure progress towards that goal and during what period of time.

First, let’s start with some personal KPIs. Then, later in the lesson, we’ll examine KPIs of a leading media company. Let’s say that your primary goal for COMM 310 is stay engaged in the course. Here are examples of KPIs you, a student in COMM 310, might come up with.

• Post one question to the non-graded discussion board each week.
• Meet with the instructor for office hours at least once per month.

What do we think of those KPIs? Luckily, we have a way to assess whether KPIs are SMART.

 

Using the “SMART” principles, you can assess whether different types of KPIs are SMART, and those principles will help you construct meaningful KPIs as well.

Monday.com

Although tools come and go, a popular tool for project management is Monday.com. This platform is easy to use and can help organizations track their KPIs. Here is a blogpost on Monday.com’s website that explains how you can use their tool to track KPIs.

Although we spend some time in COMM 310 learning tools, like Google Analytics and Microsoft Excel, we spend more time learning about concepts and developing skills that can be transferrable across tools. Therefore, if you gain a mastery of KPIs and Monday.com and in your next role you are expected to learn a new tool, don’t panic! You’ve already learned one tool and the foundational skills needed to learn more. More importantly, you understand why KPIs are important and how to identify meaningful KPIs for your organization.