Nowadays, key performance indicators (KPIs) are common management tools that enable managers to better understand their business and improve performance. Although their terminology may vary from one company to another (performance indicators, performance measures or KPIs), in essence all these terms have the same meaning. According to The KPI Institute, a key performance indicator is a measurable expression for the achievement of a desired level of results in an area relevant to the evaluated entity’s activity.
The field of performance management is a relatively new area, where tools and techniques may not be very well structured and terminology is sometimes ambiguous. Bringing more clarity in regards to key concepts can reveal a more efficient way of using KPIs.
Selecting KPIs is an important step in the process of measuring performance. In order to ensure the right KPIs are chosen for each objective, managers should have a wide understanding on what KPIs are. KPI typologies present various ways to look at performance indicators and create logical clusters. Grouping KPIs on specific criteria provides more clarity in regards to what is measured in relation to the objective assigned.
Country boundaries no longer tie us down or limit us to a restricted range of choices for jobs or schools. Companies now work inside a worldwide spider web where Asian organizations have European firms as competitors. The same principle applies to schools as well. No longer are students restricted to national choices when it comes to universities. Today, more than ever, the borders that once kept all of us apart are becoming what they were in the first place: just lines on a map with little significance. But how does this translate for educational institutions, such as universities? What does having an international target public imply?
The Value Flow Analysis (VFA) represents a Key Performance Indicators (KPIs) selection technique, focused on analyzing the value generated by a system at all stages: Input, Process, Output and Outcome. This technique is mostly used during the KPI selection workshop, in order to properly measure the value generated within each stage. For each objective, KPIs are selected for Input, Process, Output and Outcome. Based on this initial listing, the KPIs that best reflect the achievement of the objective are selected.
“The key to selecting measures and indicators is asking thoughtful questions about how important accomplishments can be measured in an understandable manner with data that can be collected using a reasonable amount of resources.” ( The Office of Planning and Institutional Assessment)
On a yearly basis, the world’s top airlines are selected, at the prestigious World Airline Awards, based on a worldwide customer survey. For the 2014 awards, around 19 million customers completed the survey that resulted in Cathay Pacific Airways being awarded the top spot among the globe’s airlines. The runners up were Qatar Airways and Singapore Airlines at number two and three respectively. The top 10 airlines for 2014 are the following:
