Key Performance Indicators (KPI)

Abstract

Project management is the application of knowledge, tools, skills and techniques to meet project requirements. [1] This article focus on effectively managing different processes during a project by effectively being able to control and monitor different processes in a project.

This article will focus on most of the subjects in project management, but will mainly focus on performance measurement, as KPI's can be used to measure many aspects of a project.

Performance measurement is a fundamental principle of management, it is important to measure performance as it identifies the gap between current and desired performance. Managers can use Key Performance Indicators (KPI's) to identify where to take action in order to improve performance. [2]

Key performance management is used to control stage processes in projects, they are used to assign work, monitor work, deal with issues, report progress to the project board and give better insight to take corrective actions. [3]

This article will show how KPI's are used in monitoring and controlling processes in projects, which will include management subjects such as; Project time, cost, risk and quality management. These subjects will all be analysed using project control, which will result in the creation of some KPI's, which will in terms help the project manager make the right decisions.