5 Steps in Developing a Project KPI

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A project's KPI is a key performance indicator or measurement of success for the project. The KPI is an important measure of how successful a project has been and how well it has met its objectives. It reflects the level of achievement against the set objectives and measures. A KPI can be quantitative or qualitative, depending on the nature of the project. For example, in a marketing campaign, it could be conversion rates, while in software development it could be bugs found during testing.
The 5 steps in developing a project KPI include:
1. Defining the purpose of the metric
2. Determining the baseline for the metric
3. Developing a plan for how to measure progress on the metric
4. Establishing metrics thresholds
5. Implementing metrics tracking and reporting
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