Critical Success Factors, KPIs and Performance Targets
Introduction
As the famous adage goes, "if you can't measure it, you can't manage it", it is vital to define, track and control the implementation of strategy and associated tactics in an organisation.
CSFs, KPIs and PTs can be defined as:
- Critical Success Factors - Focus areas for organisation's performance
- Key Performance Indicators - Helps with assessing the performance
- Performance Targets - Targets for specific areas
Each of the above facets is derived from the prior element, i.e., clear definition of CSFs lead to the better identification of KPIs. These in turn enable tracking and controlling by specifying the target or expected values. These all collectively are helpful in determining the extent of improvement over a period of time and/or in comparison with the benchmarked entities.
Measuring and managing the execution of strategies helps to align them continually to the overall business objectives and vision of the organisation.
Senior Management, Board of directors, Process specialists, Consultants, Analysts
Strategy implementation needs to be planned, tracked, managed and controlled. Having the appropriate measures and metrics leads to successful execution and a progressive organisation.
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