- Here, the aim of the journey is to take passengers to destination in n number of days. To get there within the set time, the Captain and senior officers set up a plan…..THIS IS THE PLANNING PHASE.
- Within a corporate management context, there is need at the onset to set a performance management framework that articulates the strategic priorities of the company.
- Once the ship has set sail, there is need for information as to where the ship stands relative to the planned route, such as location data, average speed, fuel levels, Automatic Information System data (AIS), Radar data, weather information, etc.
- Within a corporate management context, these metrics are the equivalent of KEY PERFORMANCE INDICATORS (or KPIs) which reveal the performance of the company towards attaining its strategic goals. Accordingly
DERIVATIONS OF KPIs
“KPI is a business metric used to evaluate progress toward a strategic goal”.