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Key Performance Indicator

Essay by saabd46  •  October 22, 2018  •  Course Note  •  540 Words (3 Pages)  •  98 Views

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Key Performance Indicator or in Norwegian Key Indicator is a type of performance goal that is used in the project to evaluate whether the progress of the project is moving in the right direction. It also specifies which success factor is crucial for the business to achieve its goals. By gaining insight into these factors, one can regularly measure the performance in relation to the project's goals.

In order to identify the CPIs in the project, it is decided to use a balanced scorecard. The concept behind CPI and balanced goal management is to correct all work within the organization against the company's long-term strategic goals. This will also create motivation among employees by presenting measurable goals on the company's progression, which can further be used to evaluate the efforts of the employees.

It is chosen to focus on the given perspectives in the CPI Balanced Objective Management for Istanbul Sapphire, which involves: - Financial Perspective - Measurement of Economic Performance - Customer Perspective - Meets Customer Satisfaction, Attitudes and Market Share - Internal Process Perspective - Covering Internal Goals Needed to be able to fulfill customer requirements - Innovation perspective - How must the company develop to achieve these goals 29 These four perspectives have mutual dependence. Growth in a business is thus characterized by constant learning and innovation. This again leads to the division of internal processes through CPI balanced target management resulting in increased operational efficiency. This results in higher customer satisfaction and increased financial performance. 30 Simpler explanation of the reciprocity principle behind the four parameters is: how must the company's financing be managed to satisfy the owners. In order to accomplish this, it is further required that the company manages to meet customer needs in order to achieve revenue. Which internal process improvements must the company do to achieve cost-effectiveness. In order for all of these factors to work optimally at all times, development and renewal is still required. For the Istanbul Safir project it will be: Considering the economic part, focus should be on keeping the monthly financing plan, one must have a predictable income. One must be able to earn a profit from sponsors and to have carefully determined entry prices (for local and international tourists) and the rental prices on the accommodation units must also have a price that corresponds to the market and the quality offered. Boenhetene and

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