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Key Performance Indicators (KPI)

Key Performance Indicators (KPI) Developing, Implementing, and Using Winning KPIs, 3rd Edition

  • Author:
  • Publisher: John Wiley & Sons
  • ISBN: 9781118925102
  • Published In: April 2015
  • Format: Hardback , 448 pages
  • Jurisdiction: International ? Disclaimer:
    Countri(es) stated herein are used as reference only

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  • Description 
  • Contents 
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  • Details

    Streamline KPIs to craft a simpler, more effective system of performance measurement

    Key Performance Indicators provides an in-depth look at how KPIs can be most effectively used to assess and drive organizational performance. Now in its third edition, this bestselling guide provides a model for simplifying KPIs and avoiding the pitfalls ready to trap the unprepared organization. New information includes guidance toward defining critical success factors, project leader essentials, new tools including worksheets and questionnaires, and real-world case studies that illustrate the practical application of the strategies presented. The book includes a variety of templates, checklists, and performance measures to help streamline processes, and is fully supported by the author’s website to provide even more in-depth information.

    Key Performance Indicators are a set of measures that focus on the factors most critical to an organization’s success. Most companies have too many, rendering the strategy ineffective due to overwhelming complexity. Key Performance Indicators guides readers toward simplification, paring down to the most fundamental issues to better define and measure progress toward goals. Readers will learn to:

    • separate out performance measures between those that can be tied to a team and result in a follow-up phone call (performance measures) and those that are a summation of a number of teams working together (result indicators)
    • look for and eradicate those measures that have a damaging unintended consequence, a major darkside
    • Sell a KPI project to the Board, the CEO, and the senior management team using best practice leading change techniques
    • Develop and use KPIs effectively with a simple five stage  model
    • Ascertain essential performance measures, and develop a reporting strategy
    • Learn the things that a KPI project leader needs to know

    A KPI project is a chance at a legacy – the project leader, facilitator, or coordinator savvy enough to craft a winning strategy can affect the organization for years to come. KPI projects entail some risk, but this book works to minimize that risk by arming stakeholders with the tools and information they need up front. Key Performance Indicators helps leaders shape a performance measurement initiative that works.

  • Preface

    Acknowledgments

    Part I: Setting the Scene

    Chapter 1 The Great KPI Misunderstanding

    Key Result Indicators

    Result Indicators

    Performance Indicators

    Key Performance Indicators

    Seven Characteristics of KPIs

    Difference between KRIs and KPIs and RIs and PIs

    Lead and Lag Confusion

    Number of Measures Required – The 10/80/10 Rule

    Importance of Timely Measurement

    Where Are You in Your Journey with Performance Measures?

    Notes

    Chapter 2 The Myths of Performance Measurement

    Myth #1: Most Measures Lead to Better Performance

    Myth #2: All Measures Can Work Successfully in Any Organization, At Any Time

    Myth #3: All Performance Measures Are KPIs

    Myth #4: By Tying KPIs to Remuneration You Will Increase Performance

    Myth #5: We Can Set Relevant Year-End Targets

    Myth #6: Measuring Performance Is Relatively Simple and the Appropriate Measures Are Obvious

    Myth #7: KPIs Are Financial and Non-Financial Indicators

    Myth #8: You Can Delegate a Performance Management Project to a Consulting Firm

    The Balanced Scorecards Myths

    Notes

    Chapter 3 Unintended Consequence: The Dark Side of Measures

    Example: City Train Service

    Example: Accident and Emergency Department

    Examples from Dean Spitzer’s Book

    Performance-Related Pay

    Dysfunctional Performance Measures Checklist

    Notes

    Chapter 4 Revitalizing Performance

    Five Foundation Stones

    The Many Facets of Performance Management

    Notes

    Chapter 5 Strategy and Its Relevance to Performance Measures

    Articulate Your Organization’s Mission, Vision, Values, and Management Principles

    Create a Strategy That Is Understood by Staff

    Ensure That Your Strategy Is Balanced

    Monitor Implementation of Your Strategy

    Creating the Future

    Notes

    Part II: Winning KPI Methodology

    Chapter 6 Background to the Winning KPI Methodology and Its Migration

    The Original Twelve-Step Process

    The New Six-Stage Process

    Winning KPI Methodology and Its Migration

    An Overview of the Six Stages

    Chapter 7 Foundation Stones for Implementing Key Performance Indicators

    “Partnership with the Staff, Unions, and Third Parties” Foundation Stone

    “Transfer of Power to the Front Line” Foundation Stone

    “Measure and Report Only What Matters” Foundation Stone

    “Source KPIs from the Critical Success Factors” Foundation Stone

    “Abandon Processes That Do Not Deliver” Foundation Stone

    “Appointment of a Home Grown Chief Measurement Officer” Foundation Stone

    “Organization-Wide Understanding of the Winning KPIs Definition” Foundation Stone

    Notes

    Chapter 8 Getting the CEO and Senior Management Committed to the Change (Stage 1)

    Obtaining Senior Management Team Commitment

    Agree on Timing, Resources and Approach

    Appendix 8A Templates and Checklists: Obtaining Senior Management Team Commitment

    Senior Management Team Worksheets Questionnaire

    Selecting a Facilitator

    Appendix 8B Templates and Checklists: Setting Up a Holistic KPI Development Strategy

    Notes

    Chapter 9 Up-Skill In-House Resources to Manage the KPI Project (Stage 2)

    Establish a Winning KPI Team Working Full Time on the Project

    Establish a Just-Do-It Culture and Process

    Appendix 9A Checklist and Worksheets: Establishing a Winning KPI Team

    Appendix 9B: Checklist and Worksheets: Establish a “Just Do It” Culture and Process for This Project

    Notes

    Chapter 10 Leading and Selling the Change (Stage 3)

    Leading Change by John Kotter

    Learn to Sell by Appreciating the Emotional Drivers of the Buyer

    Sales Pitches You Will Need

    Selling the Winning KPIs to the Organization’s Staff

    Appendix 10A An Employee Questionnaire to be Used Prior to the Staff KPI Workshop

    Appendix 10B Identifying Employee Concerns and Learning Issues Worksheet

    Appendix 10C Agenda for the Road Show (Larger Organizations)

    Appendix 10D Marketing the KPI System to All Employees Checklist

    Notes

    Chapter 11 Finding Your Organization’s Operational Critical Success Factors (Stage 4)

    Operational Critical Success Factors Verses External Outcomes

    The Missing Link

    Importance of Knowing Your Organization’s Operational Critical Success Factors

    Characteristics of Critical Success Factors

    Four Tasks for Identifying Operational Critical Success Factors

    Alternative Methodologies

    Appendix 11A Preparing a List of Draft Operational Success Factors Checklist

    Appendix 11B Common Operational Success Factors

    Appendix 11C A Suggested Draft of the Invitation Which Should Be Sent By the CEO

    Appendix 11D A Suggested Timetable for the Two-Day Operational Critical Success Factor Workshop

    Two-Day Workshop

    Appendix 11E A Workshop Planning Checklist

    Appendix 11F Workshop Instructions

    Exercise 1: Revisiting Some of Your Performance Measures

    Notes

    Chapter 12 Determining Measures That Will Work in Your Organization (Stage 5)

    How to Derive Measures: An Overview

    Ascertain the Team Performance Measures

    Recording Performance Measures in a Database

    Sorting the Wheat from the Chaff

    Find the KRIs That Need to Be Reported to the Board

    Find the Winning KPIs

    Measures Gallery

    Benefits of this Stage

    Appendix 12A Proposed Agenda for the KPI Workshop for All Staff

    Appendix 12B Team Balanced Scorecards Workshop Exercises

    Appendix 12C Assess the Level of Understanding of the Organization’s CSFs Worksheet

    Appendix 12D Checklist to Ensure You Have a Successful Staff Workshop

    Appendix 12E Key Tasks for Recording Performance Measures in a Database

    Appendix 12F Selecting Organization-wide Winning KPIs Worksheet

    Notes

    Chapter 13 Get the Measures to Drive Performance (Stage 6)

    Develop the Reporting Framework at All Levels

    Facilitate the Use of Winning KPIs

    Refine KPIs to Maintain Their Relevance

    Appendix 13A Checklists

    Appendix 13B Worksheets

    Developing Display, Reporting, and Review Frameworks at All Levels

    Worksheet for Facilitating the Use of KPIs

    Worksheets: Refining KPIs to Maintain Their Relevance

    Chapter 14 Reporting Performance Measures

    The Work of Stephen Few in Data Visualization

    The Work of Jon Moon on Clarity and Impact

    Reporting the KPIs to Management and Staff

    Reporting Performance Measures to Management

    Reporting Performance Measures to Staff

    Reporting Performance Measures to the Board

    Reporting Team Performance Measures

    How the Reporting of Performance Measures Fits Together

    Notes

    Part III: Chief Measurement Officer’s Toolkit

    Chapter 15 Resources for the Chief Measurement Officer

    The CMO Needs a Cluster of Mentors

    Guidelines for the External KPI Facilitator

    Remember the Fundamentals

    Resources

    Running Workshops

    Workshop Preparation Checklist

    Implementation Lessons

    Appendix 15A Templates and Checklists: Chief Measurement Officer’s Corner

    Appendix 15B KPI Typical Questions and Answers

    Notes

    Chapter 16 Case Studies on the Critical Success Factor Workshops

    Private Sector Case Study # 1: An Asian Conglomerate

    Private Sector Case Study #2: Medical Company

    Private Sector Case Study #3: Forestry Company

    Private Sector Case Study #4: Timber Merchant

    Private Sector Case Study #5: Investment Bank

    Non Profit Membership Organization Case Study #1: Golf Club

    Non Profit Membership Organization Case Study #2: Surf Life Saving

    Government Department Case Study #1

    Government Department Case Study #2

    Professional Accounting Body Case Study #1

    Charity Case Study #1

    Chapter 17 Common Critical Success Factors and Their Likely Measures

    Chapter 18 Comparison to Other Methodologies

    Main Differences between the Balanced Scorecard and Winning-KPIs Methodologies

    Stacey Barr’s PuMP

    Paul Niven’s Balanced Scorecard Work

    Notes

    Chapter 19 CEO Toolkit

    Letter to You, the Chief Executive Officer

    Measurement Leadership Has to Come from the Chief Executive Officer

    Note

    Appendix A Foundation Stones of Performance-Related Pay Schemes

    The Billion Dollar Giveaway

    The Foundation Stones

    Notes

    Appendix B A Draft Job Description for the Chief Measurement Officer

    Outline

    Duties/Responsibilities of the Chief Measurement Officer

    Skills and Experience

    Appendix C Delivering Bulletproof PowerPoint Presentations

    Appendix D Presentation Templates

    Appendix E Performance Measures Database

    Index

  • DAVID PARMENTER is an international presenter known for his thought-provoking and lively sessions, which have led to substantial change in many organizations. He is a leading expert in the development of winning KPIs, replacing the annual planning process with quarterly rolling planning and lean finance team practices. Parmenter's work on KPIs is recognized internationally as a breakthrough in understanding how to make performance measures work. He has delivered workshops to thousands of attendees in 30 countries around the world. Parmenter has worked for Ernst & Young, BP Oil Ltd, Arthur Andersen, and PricewaterhouseCoopers, and is a fellow of the Institute of Chartered Accountants in England and Wales. He is a regular writer for professional and business journals. He is also the author of Winning CFOs: Implementing and Applying Better Practices, Key Performance Indicators for Government and Non Profit Agencies: Implementing Winning KPIs, and The Leading-Edge Manager's Guide to Success (all from Wiley). He can be contacted via [email protected]. His website, www.davidparmenter.com, contains many white papers, articles, and freeware that will be useful to readers.

    The reader can access, free of charge, a PDF of the suggested worksheets, checklists, and templates from www.kpi.davidparmenter.com/thirdedition

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