KPI Flashcards
enhance knowledge (25 cards)
What does KPI stand for?
Key Performance Indicator
True or False: KPIs are only used in business.
False
Fill in the blank: KPIs are measurable values that demonstrate how effectively an organization is achieving its _____ objectives.
key
What is the primary purpose of KPIs?
To evaluate the success of an organization or a particular activity.
Which of the following is an example of a KPI? A) Number of employees B) Customer satisfaction score C) Office location
B) Customer satisfaction score
What are leading KPIs?
KPIs that predict future performance.
What are lagging KPIs?
KPIs that reflect past performance.
True or False: A good KPI should be specific, measurable, attainable, relevant, and time-bound.
True
Fill in the blank: KPIs should be aligned with the _____ of the organization.
strategic goals
What is a common mistake when selecting KPIs?
Choosing too many KPIs, leading to confusion and lack of focus.
How often should KPIs be reviewed?
Regularly, depending on the organization’s needs, often quarterly or annually.
What is the difference between quantitative and qualitative KPIs?
Quantitative KPIs are numerical, while qualitative KPIs are descriptive and based on opinions or feelings.
Which of the following is a quantitative KPI? A) Employee engagement B) Sales revenue C) Customer feedback
B) Sales revenue
What does SMART stand for in relation to KPIs?
Specific, Measurable, Achievable, Relevant, Time-bound
True or False: KPIs should be static and not change over time.
False
What is a dashboard in the context of KPIs?
A visual representation of KPIs to track performance at a glance.
Fill in the blank: KPIs can be used to improve _____ and decision making.
performance
What role do stakeholders play in KPI development?
Stakeholders provide input on what KPIs are relevant and important for measuring success.
What is a benchmark in relation to KPIs?
A standard or point of reference against which KPIs can be measured.
True or False: KPIs are solely for financial performance measurement.
False
What is the significance of having a KPI for customer retention?
It helps assess the effectiveness of customer loyalty strategies.
What is a performance target in relation to KPIs?
A specific level of performance that an organization aims to achieve with its KPIs.
Fill in the blank: KPIs can help organizations identify _____ and areas for improvement.
trends
What is the relationship between KPIs and strategic planning?
KPIs are used to measure the success of strategic plans and initiatives.
