What is a KPI? What are KPIs? Key Performance Indicators

[@Onlinepmcourses]

KPIs are one of the commonest ways to measure progress or performance. So let's learn what they are. Thank you for watching - please do subscribe to the channel and, to join my community, sign-up at onlinepmcourses.com/assets440251/the-onlinepmcourses-newsletter/

[@ThalesPantaleoniNicoletti]

🎯 Key Takeaways for quick navigation: 00:00 📊 *Introduction to KPIs* - Key performance indicators (KPIs) are quantifiable measures of progress towards desired outcomes. - KPIs are linked to business, portfolio, program, or project objectives. - Peter Drucker's quote emphasizes the importance of measuring to effectively manage performance. 01:10 📈 *Types and Purpose of KPIs* - KPIs provide targets, serving as powerful tools to engage and energize project teams. - KPIs can be ultimate goals or stand-ins for harder-to-measure objectives (proxy indicators). - KPIs can be leading indicators (measuring progress) or lagging indicators (measuring success post-completion). 02:07 🎯 *Characteristics of Good KPIs* - Good KPIs offer objective evidence, free from subjectivity, opinion, or prejudice. - KPIs must measure the right things for informed decision-making. - They should directly align with the organization's strategic imperatives. 03:16 📊 *Requirements for Effective KPIs* - KPIs should allow tracking performance changes over time to understand trends. - They need to track aspects that matter, such as timeliness, efficiency, and quality. - Smart criteria are crucial for good KPIs: significant, measurable, achievable, relevant, trackable, ethical, supported, and time-bound. 04:36 🔄 *Creating Effective KPIs* - Creating good KPIs involves asking questions about desired outcomes, influencing factors, measurement, and responsible parties. - Consideration of who needs to know and understand the KPIs is essential. - Establishing a process and review cycle for KPIs is crucial for their effectiveness. Made with HARPA AI

[@Onlinepmcourses]

Thank you. However, I'd rather people watch the video. We learn best when we make our own notes, beautiful as these AI notes are

[@AlexA-yf6gd]

Nice, thank you

[@beebless2358]

I needed this year. Then I saw this pop up. Thank you again. "What gets measured...gets managed"

[@Onlinepmcourses]

Perfect. Happy it's so timely for you.

[@robertrackers3276]

Without a doubt, the SMARTEST video about KPIs yet! Thank you and Best Regards!

[@Onlinepmcourses]

Thank you, Robert.

[@patricksalazar6949]

my company uses Kpi but does really use the form that defines effectiveness as this video explains.

[@Onlinepmcourses]

There are all sorts of practices out there. Some are more or less thoughtful than others!

[@marseldiamond5419]

you are the best instructor ever !!!!!

[@Onlinepmcourses]

Thank you!!! You're the best commenter ever!

[@garrisonmarkey3730]

Who does your shirts?

[@Onlinepmcourses]

A Kent (UK)-based supplier of short-run branded goods, called JUSTSO Clothing & Merchandise.

[@SAM-hg7do]

Excellent video!!!...easy to understand....Thank for sharing👍

[@Onlinepmcourses]

Glad it was helpful!

[@maksimkim202]

Kim Maksim: Everyone asks: what are Key performance indicators KPI? Key performance indicators are divided into three types. Personal, process and corporate. The first is personal Key performance indicators. These include the personal characteristics of a person,which are determined by the formula:the ratio of the result of labor to the predicted losses that a person can make. Efficiency is = to Result / by Losses That is, in simple terms, each person has his own characteristics. Like a normal computer Before concluding an employment contract with a person each employer determines this most personal Key performance indicators If he needs just such a person with his characteristics then he concludes an employment contract with him. The key performance indicators of each person are constantly changing depending on the characteristics of the person. Competence, physical condition, motivation, technical support. How are personal Key performance indicators used in remuneration? In remuneration, Key performance indicators are applied using the formula the ratio of the result of labor to predicted losses Efficiency is = to Labor Result / by Losses For example: wages are divided into two parts, variable and fixed The constant part is unchanged The variable is adjusted using Key performance indicators. If an employee achieves a predicted loss of fifty percent, then his Key performance indicators will be equal to one. That is, he will receive the variable part of his salary in the amount of one constant part. 50 %/ 50 %= 1 If an employee achieves a predicted loss of forty percent then his Key performance indicators will be equal to one point five tenths. That is, he will receive the variable part of the salary in the amount of one point five tenths of the fixed part. 60 % / 40 %= 1,5 If an employee achieves a predicted loss of thirty percent then his Key performance indicators will be equal to two point three tenths That is, he will receive the variable part of the salary in the amount of two point three tenths of the fixed part. 70 % / 30 %= 2,3 If an employee achieves a predicted loss of twenty percent, then his Key performance indicators will be equal to four That is, he will receive the variable part of his salary in the amount of four fixed parts 80 % / 20 %= 4 If an employee achieves a predicted loss of ten percent then his Key performance indicators will be nine. That is, he will receive the variable part of his salary in the amount of nine fixed parts. 90 % / 10 %= 9 The possibilities of Key performance indicators as well as the possibilities of a person, are not limited How to determine the predicted losses and the result of labor? Using specially created methodology and computer program Key performance indicators. Tutorial via link on KZbin channel. youtube.com/@maksimkim202

[@Onlinepmcourses]

This doesn’t make a lot of sense to me- especially in the Project Management context. Indeed, it looks a lot like ChatGPT output to me. For casual readers of the above comment… please treat with caution.

[@MegaRbailey]

Hi Mike thank you so much but do you know where I can get more info Tesla in regard to this topic

[@Onlinepmcourses]

??? 'info Tesla' Not sure what that is. There's plenty about KPIs and about Tesla on the web.

[@michael9085]

Thanks for the video ! Really insightful

[@Onlinepmcourses]

My pleasure!

[@cwismbarr]

With all the build quality issues coming out of Tesla, would you speculate their KPIs need reassessment? If the KPIs are adequate and discuss quality, where would you suggest they start to fix the gaps (even as a theoretical example)?

[@Onlinepmcourses]

I am not sufficiently knowledgeable about Tesla or the motor industry to even assess your assertion about build quality issues. However, in principle, you can set quality KPIs and manage to them. So, this would be one way to address any quality issues that arise.

[@cosmasasinde]

You are just sweet with this topic, I like you sir❤

[@Onlinepmcourses]

Thank you.

[@nicolaspaiva4790]

Hey Mike, thanks for the video! Could you create one about RFP, RFI, RFQ, SOW, etc? I am learning project management and I find all them so confusing!

[@Onlinepmcourses]

Nicolas, most of the answers you need are in my video Competitive Procurement: How to Run a Tender Process: kzbin.info/www/bejne/Y3y3hoedp9qkl6M

[@nicolaspaiva4790]

@@Onlinepmcourses Thanks, I will check it out!

[@saintmzobe1749]

Thank You Mike!

[@Onlinepmcourses]

You're welcome.

[@kratsvabz]

I liked it but if it was explained with a few examples then understanding would have been great. you should have examples in leading and lagging KPIs

[@Onlinepmcourses]

Thank you for your advice.

[@pfunzosingo2113]

Well defined

[@Onlinepmcourses]

Thank you.

[@ayhamalhindi5172]

3:32 WHAT BEHAVIORS ??

[@Onlinepmcourses]

I'm just referring here to the ways the team behaves, in general. Things like how they respond to deadlines, to what extent they collaborate with one another, the level of respect in their interactions, how they communicate...

[@victorvonderkrausse5492]

THANK YOU VERY MUCH SIR FOR YOUR AMAZING CONTENT ! DO YOU HAVE EXPERTISE IN HR ALSO , RECRUITM. AND SELECT, EMPLOYEE RELATIONS, PERF. MANAGEMENT ? CHEERS , KEEP POSTING SUCH AS VALUABLE VIDEOS !

[@Onlinepmcourses]

You're welcome. I don't have specific HR Expertise. Just PM and general management. My general management videos are on my other channel: www.youtube.com/@ManagementCourses

[@yohenson]

I see you had the same teacher as michael Kane

[@Onlinepmcourses]

Lots of Michael Kanes and even a Michael Caine. But I don't know who you are referring to - or why. Sorry.

[@lokwioliver9819]

Thank you

[@Onlinepmcourses]

You're welcome.

[@mikophillip]

I'm here wondering why my business studies in high-school didn't teach us this

[@Onlinepmcourses]

It's not something I learned at school, so it doesn't surprise me. But I can't tell you why it's not on your Business Studies syllabus.

[@ericssontest2332]

Good

[@Onlinepmcourses]

Thanks

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[@Onlinepmcourses]

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[@Onlinepmcourses]

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[@Onlinepmcourses]

Err????

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[@Onlinepmcourses]

What is this nonsense?

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[@Onlinepmcourses]

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[@Onlinepmcourses]

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[@Onlinepmcourses]

Really - this is what Bots do when they get bored, is it?

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[@Onlinepmcourses]

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[@Onlinepmcourses]

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