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Product management KPIs are very crucial to the success of any project, especial
ly if it is grand and involves
multiple phases. KPIs are the best existing way of managing projects and product
s to ensure the activities remain
within set scopes. KPI is simply an acronym for key performance indicators which
are used to measure the
performance of a project at any given point. They basically indicate how much pr
ogress has been achieved and
whether it is meeting the set objectives. Product management performance indicat
ors are therefore analytical
tools that should be taken very seriously. There are many KPIs that can be formu
lated and they vary depending
on the type of project being handled.
-Characteristics of Product Management KPIs
As usual, product management key performance indicators is the critical success
factor for any business and
must be approached comprehensively. Usually the KPIs are developed in early stag
es along with objectives. It
is wise to involve everyone in the establishment including employees when formin
g KPIs to ensure each individual
is capable of tracking progress.
These performance indicators must be vividly described and measurable. They are
analysis metrics and must
therefore be quantifiable. Just like most analytics, the KPIs inform business wh
at is going on with the product
(its state and what users are doing). It however does not satisfy the why question
. They are outcome-oriented
measurements that provide insights on the current status of a process. Another i
mportant characteristic to note
is that KPIs are not universal which means they vary depending on the type of bu
siness and process in question.
Different products/projects are measured using different metrics.
-Product Management KPIs
Examples to Use
As much as these are very advantageous in strategic positioning, the major issue
lies with their formulation.
These measurable values must be carefully and precisely formed if the business i
s to achieve its objectives.
Any focus on the wrong metrics is a potential step towards poor performance. A g
ood KPI will include the most
important business performance objectives across all elements of the teams invol
ved.
They are agreed on before commencement of the project and can be measured, share
d and analyzed among
organizational departments at any given time. The teams involved should be poise
d to track accurate metrics
in their assigned area. While the key performance indicators vary from project t
o project, some aspects and
metrics are important to any business.
Some examples that can be used include the following:
-Deviation of set hours of work