Key Performance Indicator

Examples of Key Performance Indicator in the following topics:

• Customer Service as a Supplement to Products

  • Retail stores, for example, often have a desk or counter devoted to dealing with returns, exchanges and complaints, or will perform related functions at the point of sale ; the perceived success of such interactions are dependent on employees who can adjust themselves to the personality of the guest.
  • A challenge working with customer service is to ensure that attention is focused on the right key areas as measured by the correct Key Performance Indicator.
  • Retail stores and organizations in general often have a desk or counter devoted to dealing with returns, exchanges and complaints, or will perform related functions at the point of sale.

• Customer Concerns

  • Merging this data with customer service Key Performance Indicators (KPIs) also helps direct the company's attention to areas where customer feedback can make a positive impact (e.g., cost savings, service improvement) on the overall organization.

• The Importance of Performance Targets

  • Managerial effectiveness is often assessed on the ability to achieve performance targets.
  • Three basic concepts are involved in communicating and achieving targets: key performance indicators, goal setting, and motivation.
  • A key performance indicator is a tool for performance measurement used by organizations.
  • It is used to set a performance standard for an organization, a business unit, or an employee.
  • Challenging goals tend to result in higher performance than easy or no goals.

• Personality Testing in the Workplace

  • The premise is that if test scores are found to correlate with job performance, then it is economically useful for the employer to select employees based on scores from that test.
  • The controversies associated with assessing mental health for the purposes of job selection are discussed below; in these cases, however, an assessment of mental stability and fitness can be reasonably related to and necessary for optimal job performance.
  • The Myers-Briggs Type Indicator (MBTI) is the name of a personality test designed to measure psychological preferences for how people perceive the world and make decisions.
  • The Myers–Briggs Type Indicator is used by 89 of the Fortune 100 companies, and is very popular in businesses around the world.
  • A key concern about using personality tests in the workplace is the potential they create for illegal discrimination against certain groups.

• Economic Indicators

  • Economic indicators are key statistics about diverse sectors of the economy that are used to evaluate the health and future of the economy.
  • Indicators that predict the status of the economy three to twelve months into the future are called leading economic indicators.
  • To get an idea of what leading economic indicators are telling us about the state of the economy today, go to the "Business" section of the CNN Money website (CNNMoney.com), and click first on "Economy" and then on "Leading Indicators."

• Defining the Statement of Cash Flows

  • Improve the comparability of different firms' operating performance by eliminating the effects of different accounting methods; and
  • Indicate the purpose of the statement of cash flows and what items affect the balance reported on the statement

• Calculating Market Share

  • The main advantage of using market share as a measure of business performance is that it is less dependent upon macro-environmental variables, such as the state of the economy or changes in tax policy.
  • Market share is a key indicator of market competitiveness—that is, how well a firm is doing against its competitors.
  • The aforementioned usage of market share as a basis for gauging the performance of competing firms has fostered a system in which firms make decisions with regard to their operation with careful consideration of the impact of each decision on the market share of their competitors.

• The Myers-Briggs Personality Types

  • The Myers-Briggs Type Indicator is a commonly used personality test exploring 16 personality types.
  • The Myers-Briggs Type Indicator (MBTI) assessment is a questionnaire designed to measure the psychological preferences that shape how people perceive the world and make decisions.
  • That initial questionnaire grew into the Myers-Briggs Type Indicator, which was first published in 1962.
  • Management can use this tool to minimize conflict and optimize performance.

• Key Signatures

  • To avoid this, composers used key signatures at the beginning of each staff to remind performers of which pitch classes should have flats or sharps.
  • Here is the same melody, with the key signature at the beginning of the staff to remind the performer that F and C should be sharp.
  • Of course, minor keys can use key signatures, too.
  • Major and minor keys that share the same key signature are called relative keys.
  • Compare the minor key circle of fifths below with the major key circle of fifths above, and you'll see the remaining relative key pairs.

• Scorecard Measurement

  • These concrete objectives allow the actual performance data to resonate and generate meaningful results.
  • Gap analysis is a tool that helps companies compare actual performance with potential performance.
  • If a company or organization does not make the best use of existing resources, or foregoes investment in capital or technology, it may produce or perform below its potential.
  • What is important is that the data collected should be appropriately analyzed within the context of the targets and performance goals of the organization.
  • Indicate the value of measuring progress on objectives in effectively employing a score card in the workplace