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Could you clarify what's the classification of your project because KPIs vary between companies and industries, depending on their priorities or performance criteria.
Anyway, let me share with you my knowledge of 'How to design KPI’s':
KPIs should be clearly linked to the strategy, i.e. the things that matter the most.
KPIs have to provide the answers to our most important questions.
KPIs should be primarily designed to empower employees and provide them with the relevant information to learn.
Identifying the KPI’s
Related to strategic aims.
Identify what makes the organization success or failures.
Controllable and accountable.
Qualitative and quantitative.
Long term and short term.
Consider Stakeholder needs.
Identify important aspects.
Establish Company Goals and KPIs.
Select Performance Indicators and Metrics.
Set Targets and Track Performance.
Types of KPI’s
Process KPIs - measure the efficiency or productivity of a business process. Examples - Days to deliver an order.
Input KPIs - measure assets and resources invested in or used to generate business results. Examples - Dollars spent on research and development, Funding for employee training, Quality of raw materials.
Output KPIs - measure the financial and nonfinancial results of business activities. Examples - Revenues, Number of new customers acquired.
Leading KPI measure activities that have a significant effect on future performance. Drive the performance of the outcome measure, being predictor of success or failure.
Lagging KPI is a type of indicator that reflect the success or failure after an event has been consumed. Such as most financial KPIs, measure the output of past activity. Outcome KPI - Reflects overall results or impact of the business activity in terms of generated benefits, as a quantification of performance. Examples are customer retention, brand awareness.
Qualitative KPI - A descriptive characteristic, an opinion, a property or a trait. Examples are employee satisfaction through surveys which gives a qualitative report.
Quantitative KPI - A measurable characteristic, resulted by counting, adding, or averaging numbers. Quantitative data is most common in measurement and therefore forms the backbone of most KPIs. Examples are Units per man-hour.
Characteristics of a good KPI
KPI is always connected with the corporate goals.
A KPI are decided by the management.
They are the leading indicators of performance desired by the organization.
Easy to understand.
A KPI need to be:
Specific
Measurable
Achievable
Result-oriented or Relevant
Time-bound
The main five KPI’s in shipping and logistic industries are:
Sales forecasts.
Inventory.
Procurement and suppliers.
Warehousing.
Transportation.
The main five KPI’s in Infrastructure sector are:
Client Satisfaction.
Construction Time & Cost.
Productivity.
Defects.
Profitability.
KPI Project Management Examples
There are numerous KPI types that exist within the project management space; a few key examples would be the following:
I. Estimate to project completion
II. Number of unresolved issues
III. Current resource allocation
IV. Labor costs spent (per month)
V. Current development backlog
VI. Project schedule (Agile or Waterfall)
VII. Issues found in code review
VIII. Issues found by QA
IX. Issues found by customers
I hope my short reply can help you.
