Performance Metric
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A performance metric is a measure of an organization's activities and performance. Performance metrics should support a range of Stakeholder (corporate)|stakeholder needs from customers, shareholders to employees. While traditionally many metrics are financed based, inwardly focusing on the performance of the organization, metrics may also focus on the performance against customer requirements and Value (marketing)|value. In project management, performance metrics are used to assess the health of the project and consist of the measuring of seven criteria: safety, time, cost, resources, scope, quality, and actions. Developing performance metrics usually follows a process of: #Establishing critical processes/customer requirements, #Developing measures, #Establishing targets against which the results can be scored. A criticism of performance metrics is that when the value of information is computed using mathematical methods, it shows that even performance metrics professionals choose...
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