KPI and KSI, respectively, stand for Key Performance Indicator and Key Success Indicator. These indicators serve as the most important statistics for measuring the performance and success of a project or company.
For example, turnaround time and the cost of execution are two important criteria for the successful execution of a project. A faster turnaround implies that a lower amount of manpower is necessary, resulting in lower overall costs.
A small business owner can also apply these concepts to his business. For example, a higher number of leads per month and a higher rate of conversion can act as KPIs or KSIs for his business. Both of these parameters can be set beforehand and continuously monitored. The setting of KPIs and KSIs helps the small business owner to focus on monitoring the performance and success of his business. These indicators also aid in proper time management of the business.
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